Thursday, 28 July 2016
Last updated 2 hours ago
Mar 30 2009 | 1:13am ET
Oil trader Andrew Serotta, who was asked to leave the Vitol Group last year, is raising money for a new hedge fund.
Serotta plans to launch Logista Capital in August or September, Bloomberg News reports. He’s already raised $25 million, with plans to garner a total of $100 million—including some of his own wealth.
“I’m going to keep doing exactly what I was doing at Vitol,” Serotta told Bloomberg. The firm will trade crude oil futures, options and spreads.
“The market’s are in a general state of disarray,” Serotta said. “It’s a perfect time to launch.”
Vitol, the Dutch-Swiss oil-trading giant, parted ways with Serotta, who worked in their Houston office, as it cut back on its “visible” derivatives trading. Just months before he left Vitol, the Commodity Futures Trading Commission reclassified some of Serotta’s trades as “noncommercial” or speculative, although he was not accused of any wrongdoing. Vitol said the CFTC move had nothing to do with its decision to cut ties with Serotta.