Merchant bank and energy investment firm Tudor Pickering Holt is adding a new business line: hedge funds. The Houston-based firm has launched TPH Asset Management, hiring veterans of Citadel Investment Group and Goldman Sachs to lead it.
The new division will launch a long/short equity hedge fund focused on the energy sector, led by portfolio manager Paul Chambers. Chambers joined TPH from Citadel, where he was global sector head of energy and utility equities. He also formerly led global energy equities at UBS O'Connor.
Chambers joins Walker Moody at TPH. Moody joined the firm as head of asset management earlier this year after working at Goldman Sachs Investment Management.
Following the long/short fund, TPHAM plans to launch yield-oriented energy credit strategies. In addition, Moody is spearheading the creation of an energy investment platform with plans to hire further portfolio managers.
"Tudor Pickering Holt & Co. has clearly established itself as a thought leader in the energy sphere, providing clients with institutional quality offerings," said Dan Pickering, co-president. "Expanding TPH's expertise within asset management will further leverage the resources of the firm, as well as utilize our proven relationships in the energy sector and the experience of our talented portfolio management team."
Pickering told Bloomberg News that the new hedge fund will debut in February. He would not say how much the fund has raised, but indicated that he hoped it would launch with $100 million, or reach that figure "shortly thereafter."