Tuesday, 22 July 2014
Last updated 1 hour ago
Oct 27 2010 | 1:24pm ET
It's been a rough first year for former star Citigroup energy trader Andrew Hall's new hedge fund. But on the heels of its biggest month of the year, the firm, which has already raised more than $2 billion, is preparing to raise some more.
Astenbeck Capital Management, set up by Hall and Occidental Petroleum—which bought Hall's Phibro trading desk from Citi last year—plans to reopen its flagship Astenbeck Offshore Commodities Fund II in January, MarketWatch reports. The fund is currently closed to new investors.
Astenbeck was down by almost 12% through the first three quarters of the year, which has proven a difficult one for commodity hedge funds. But the fund stormed back in September, returning about 9% and cutting its year-to-date loss to just 4%.
Citi put Westport, Conn.-based Phibro on the block last year due to Hall's guaranteed $100 million bonus, which Citi feared would raise the ire of federal regulators. Occidental paid $250 million for the unit; Phibro manages money exclusively for the oil company, while Astenbeck manages outside capital.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…