Another pair of commodities hedge fund managers is calling it quits in the face of a long losing streak.
Tiberius Asset Management's head of portfolio management, Thomas Benedix, and portfolio manager Jeremy Gatto have resigned from the Swiss firm. Tiberius' flagship Commodity Alpha OP is down 8.2% this year after a 15% loss last year.
Benedix has been replaced by Morgan Stanley's Paul Ticu, Bloomberg News reports. The Zug-based firm also hired Barclays' Roxana Mohammadian-Molina as a metals analyst.
Commodity Alpha, which manages US$688 million, actually gained ground in June, rising 2.6%. Benedix served as lead manager for Tiberius' long-biased funds.
Word of the exits of Benedix and Gatto comes just over a week after two of Duet Asset Management's top mony managers quit. Tony Hall and Arno Pilz stepped down from the US$100 million Duet Commodities Fund after suffering losses in nine of their last 10 months.