BlueGold Co-Founder Andurand Readies New Oil Hedge Fund

Jan 22 2013 | 2:16pm ET

BlueGold Capital Management co-founder Pierre Andurand has founded a new commodities hedge fund firm and will launch its maiden fund next month.

London-based Andurand Capital Management is already up-and-running with a managed account and 14 employees, Andurand told Financial News. Like BlueGold, the new firm will focus on oil. But Andurand Capital will do several things differently from BlueGold, which closed last year after losing 34% in 2011.

For one, Andurand said, the new firm will not invest in equities and he will not share portfolio management duties as he did at BlueGold with co-founders Dennis Crema and Jean-Louis Le Mee. In addition, Andurand Capital will use less leverage and hold smaller positions, and, at least initially, will have greater turnover than BlueGold.

"In the current environment, we don't see trades that we can put on for two years," Andurand told FN. "Trades will typically be held for two to three months."

Andurand said that the new firm would focus its fundraising efforts on former BlueGold investors; those who stuck with BlueGold to the end will have their high-water marks transferred to the new fund.

BlueGold threw in the towel in April after suffering its first-ever losing year and seeing its assets dwindle by more than half. Founded in 2008, the hedge fund had previously posted annual returns of 209%, 55% and 13%. Andurand Capital's debut follows that of Le Mee's Abydos Capital Management in June.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.