Galena Posts Gains In January, Eyes US$1 Billion In New Assets

Feb 9 2012 | 1:38pm ET

Commodity hedge fund Galena Asset Management had a positive start to the new year, with all but one of its funds posting gains.

The US$2.1 billion asset management arm of Trafigura saw its flagship Metals Fund rise 2.57%, in line with the high end of the average hedge fund according to industry indices. The fund returned 11.32% last year.

Galena's Special Situations Fund did even better, adding 3.2%. That fund plummeted 28% last year.

A strong start to 2012 behind it, Geneva, Switzerland-based Galena is eyeing the rest of the year, notably its fundraising. The firm hopes to increase its assets under management to about US$3 billion this year; it previously said it plans to hit US$4 billion by the end of next year.

"You've got to be large," CEO Jeremy Weir told Reuters.

To get there, Galena is planning to launch a private equity fund with as much as US$1 billion in April. Last month, it launched the Commodity Macro Fund, which Weir said could "run billions" and which, despite an underwhelming first month, losing 1.5%, is "starting to see family offices and sovereign wealths really starting to look..."

Two other Galena hedge funds rose in January: The Energy Fund returned 2.2% and the Commodity Trade Finance fund 0.46%.

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