Wednesday, 24 August 2016
Last updated 7 hours ago
May 10 2012 | 12:16pm ET
It didn't take long for Centaurus Capital to produce its first successor firm.
Bill Perkins, a founding trader at the natural gas hedge fund, which founder John Arnold announced would close last week, is already preparing to launch a hedge fund of his own. Perkins' Skylar Capital Management is expected to debut on July 1 with between $300 million and $600 million in initial assets, CNBC reports.
Like Centaurus, Skylar will be based in Houston and will focus on energy and natural gas.
Arnold said last week that he would retire from the hedge fund business at the age of 37, citing a desire to "pursue other interests." Centaurus, which Arnold ran for a decade after leaving a collapsing Enron Corp., is currently liquidating its portfolio and returning money to investors.
At Skylar, Perkins will be faced with the same natural gas market difficulties that many think drove Arnold to retirement. Prices are near 10-year lows and stagnant, and natural gas is the worst-performing commodity this year.