Sunday, 29 May 2016
Last updated 1 day ago
May 11 2011 | 1:12pm ET
Oil hedge fund Vector Commodity Management closed to investors just days before a surprise drop in crude prices routed many commodity hedge funds.
Vector Commodity Management stopped accepting new money on May 1, after it reached $600 million, Bloomberg News reports. Four days later, oil prices swooned by more than 10%, catching many hedge funds off-guard and wiping out most if not all of their year-to-date gains.
It is unclear how much of a beating London-based Vector, launched two years ago by former Goldman Sachs fuel trader Gilbert Saiz, took last week. Some oil-heavy funds, including Astenbeck Capital Management and BlueGold Capital Management saw double-digit losses.
Vector had been up 16% through April.
The $600 million cap had been planned before the fund started trading.