Phibro Hedge Fund To Reopen To New Investors

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.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note