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.
Jan 30 2018 | 9:49pm ET
As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...
May 24 2017 | 9:25pm ET
Starting in 2019, financial industry executives sitting for the coveted Chartered...
Feb 14 2018 | 9:57pm ET
Tasked with delivering returns on client capital, a common dilemma for many alternative...