Tuesday, 21 February 2017
Last updated 3 days ago
Oct 15 2008 | 1:01am ET
Prominent commodities trader Trafigura Beheer plans to launch an energy hedge fund early next year, aiming to raise US$500 million.
Galena Asset Management, the funds division of Trafigura, while launch the fund during the first half of next year. It will primarily trade oil and gas, CEO Jeremy Weir said. The new fund will use a model similar to that of its US$500 million metal hedge fund, Weir said.
That fund is up about 10% through September, Weir added, though its $180 million Special Situation fund, which invests in mining companies, has lost 21% in the same period. Galena currently manages a total of US750 million across four funds.
Meanwhile, David Mimra has joined Galena in London as head of sales and marketing for existing and new hedge funds. Mimra joins from the hedge fund platform Harbour Capital Partners.