Oil trading giant Vitol Group has parted ways with an employee who traded for its hedge fund after his trades raised eyebrows with regulators.
Andrew Serotta was asked to leave the Dutch-Swiss firm, The Wall Street Journal reports. Serota, an oil trader based in Houston, made trades for Vitol’s internal hedge fund.
Last year, the Commodity Futures Trading Commission reclassified Serotta’s trades as “noncommercial” or speculative, although neither he nor the firm were accused of wrongdoing. A Vitol spokesman told the Journal that Serotta’s departure had nothing to do with the reclassification and that the firm did not consider his trades inappropriate. The spokesman instead said that Serotta’s strategy was deemed a poor fit for the firm.
Genna GarverBy Genna Garver, John Brunjes, and Cheri Hoff of Bracewell & Giuliani -- On Oct. 27 the Private Fund Investment Advisers Registration Act of 2009 (H.R. 3818) moved one step closer to becoming law with the 67-1 approval of the U.S. House of Representatives Committee on Financial Services (the "Bill"). More...
Investors this week announced the formation of NewWorld Capital Group, a private equity firm that will invest in middle-market companies and related infrastructure projects in the cleantech sphere. More...