Thursday, 2 October 2014
Last updated 26 min ago
Mar 10 2014 | 2:49pm ET
Times have been tough for Astenbeck Capital Management, which suffered its worst-ever year in 2013 and looks likely to be tossed overboard by co-owner Occidental Petroleum. But firm founder Andrew Hall proved last month that he can't be counted out.
Astenbeck enjoyed its best month in two-and-a-half years in February, rising 7.7% to erase January's decline, Reuters reports. The $3.6 billion fund is up 5.4% on the year.
Hall is no stranger to volatility: In 2012, he was down 10% through August following a 14.4% drop in May, but managed to end the year up 3.4%. Astenbeck wasn't able to repeat the feat last year, when it lost 8.3%; the firm has suffered only two losses in its history, in 2011 and 2013.
Astenbeck benefited from rising oil prices, themselves buoyed by the cold winter suffered by the U.S.
Occidental, which bought Hall's Phibro proprietary trading desk from Citigroup in 2009, is thought to be mulling an end to its relationship with the famed oil trader. The company said last month that it would spin off its California unit and cut back on the type of trading practiced by Hall.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...