Pickens’ Hedge Fund Investors Head For The Door

Oct 28 2008 | 2:16pm ET

Investors are set to flee T. Boone Pickens’ energy hedge fund in droves.

The famed Texas oilman’s BP Capital, battered by energy market volatility, has lost about 60% of its value this year. And now about half of its investors have asked to withdraw their money, Reuters reports.

BP Capital has lost about $2 billion since late June. Pickens has reportedly waived withdrawal requirements, and has moved almost all of the fund’s assets into cash in preparation for the avalanche of redemptions, as well as to ride out the market volatility.

The losses are new territory for BP Capital, which has enjoyed only positive returns since its debut seven years ago. Pickens, who has made headlines in recent months more as an advocate for alternative energy and as an Oklahoma State University sports booster, has vowed to make a comeback.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.