Sunday, 29 March 2015
Last updated 2 days ago
Feb 18 2014 | 12:35pm ET
The marriage of famed oil trader Andrew Hall to oil giant Occidental Petroleum could prove short-lived.
Hall's hedge fund, Astenbeck Capital Management, told investors on Friday that it was discussing a change in its relationship with Occidental, which bought Hall's Phibro proprietary trading desk from Citigroup in October 2009 and which owns 20% of Astenbeck. The letter came after Los Angeles-based Occidental announced it would spin off its California unit, move to Houston and cut back on its proprietary trading.
"Consistent with Occidental's strategic review to focus on core businesses, it also plans to reduce its exposure to proprietary trading activities related to crude oil and other commodities," the company said.
Occidental bought Phibro after the federal government pushed Citi to sell the unit. Hall's $100 million bonus raised eyebrows in Washington after Citi accepted nearly $50 billion in government bailout funds.
But Hall's run at Occidental has been conspicuously less successful than his time at Citi. Astenbeck has annualized returns of about 4% since the beginning of 2008, nearly two years before Phibro was acquired by Occidental. But the $3.5 billion firm has lost money in two of the last three years: It was down 3.8% in 2011, Hall's first annual loss in 11 years, and suffered its worst-ever year in 2013, falling 8.3%.
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…