Ex-Touradji Trading Head Sets Up Metals Hedge Fund

Sep 17 2012 | 1:56pm ET

Former Touradji Capital Management trading chief Paul Crone's return home didn't last long.

Crone, who spent seven years at Touradji, left the commodities specialist earlier this year. Touradji said he was returning to London from New York to spend more time with his family, but Crone is back in the Big Apple with a commodities hedge fund of his own.

Crone has founded Citrine Capital Management, which will invest in base metals, gold and platinum-group listed derivatives. The new firm is based in New York's landmark Chrysler Building, Bloomberg News reports.

Crone would not disclose how much Citrine hopes to raise or how much it has already garnered. But he has hired Mike Connolly from HSBC Securities and Drew Ries from Susquehanna International Group, the former as a trader and the latter as chief operating officer. Citrine has also inked a strategic partnership with London-based commodities shop Energy Alpha Strategies.

The new fund's name refers to a gemstone prized in China, believed as it is to bring success and prosperity. Crone said he makes several trips a year to China to do on-the-ground research at the largest metals consumer in the world.

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