Wednesday, 1 April 2015
Last updated 35 min ago
Apr 9 2012 | 10:22am ET
BlueGold Capital Management is to liquidate and return money to investors, after losing more than one-third of its value last year.
The London-based oil specialist told clients on Thursday that it would return almost all of their money this month as part of an “orderly closure,” after calculating its net asset value. It will return the rest later this year.
BlueGold co-founders Pierre Andurand and Dennis Crema did not explain why they were closing their four-year-old hedge fund. But after an astonishing start—it returned 209% in 2008, 55% in 2009 and 13% in 2010, the last after having to deny liquidation rumors after losing 14% in February—the fund has hit hard times, losing 34% last year and about 2% through February of this year. Assets under management have fallen from US$2.2 billion to US$1 billion.
That decline is only in part due to poor performance. Investors have been spooked by the formerly commodities-heavy firm’s increasing investments in stocks, which rose to half of its portfolio last year.
Andurand and Crema worked together at Vitol before launching BlueGold. One of their co-founding partners, Jean-Louis Le Mee, is set to launch a commodity hedge fund in June, Abydos Capital Management.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…