Tuesday, 22 July 2014
Last updated 2 hours ago
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%.
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…