Ex-Vitol Oil Trader Plans $100M Hedge Fund

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.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note