Saturday, 20 December 2014
Last updated 1 day ago
Nov 9 2006 | 11:42am ET
Ritchie Capital, reportedly burned by the spike in natural gas prices that sank Amaranth Advisors, is shuttering its specialist energy hedge fund.
Doug Rothschild, partner-in-chief and administrative officer for the firm, said, “this is part of our broader plan to move the business forward and focus on interesting spaces where we have a definable edge and can capture alpha.”
The $2.8 billion Geneva, Ill.-based firm’s energy fund had had a rough 2006; it was down in double-digits even before September’s disastrous natural gas price movements. The firm successfully won investor approval of new investment terms, including some lock-ups of up to three years. The firm said the move was necessary to prevent an outflow of investors requiring a major asset sell-off.
Ritchie’s is not the only energy hedge fund to hit hard times. In addition to Amaranth, MotherRock also closed its doors this year, and Citadel Investment Group reportedly took a hit from the energy markets.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.