Vitol Cuts Ties With Hedge Fund Trader

Jan 7 2009 | 2:00am ET

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.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of