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Trafigura winding down flagship Galena Metals commodity hedge fund-The 17th China(Guangzhou)Int’l Metal &Metallurgy
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12/3/2015 Metal &Metallurgy expo |
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Bloomberg reported that Commodities trader Trafigura Pte Ltd said it is closing its flagship Galena Metals Fund, the latest hedge fund victim of the rout in raw materials markets from oil to copper.
Trafigura said in a statement on Monday "In view of the difficult conditions prevailing on commodities markets, Galena Asset Management has decided to wind down the Galena Metals Fund. Investors have been informed and trading positions are being unwound in an orderly manner.”
Galena is one of the best-known hedge funds investing in metals, particularly copper, alongside rivals Red Kite Group and Citrine Asset Management LLC.
The $300 million Galena Metal Fund dropped 4.5 percent this year, heading for its first annual loss since 2012, according to data compiled by Bloomberg. The fund, which was more than twice its current size five years ago, had made money in nine out of 10 years since it was started in 2005.
The closure comes days after Trafigura said that Duncan Letchford, chief executive officer of Galena, was leaving the company to pursue other interests. The trading house, which has major operations in Geneva and Singapore, said it will retain other funds, including its private equity fund focused on debt and equity of mining companies.
Galena had assets under management of $2.2 billion as of September 2014, according to Trafigura’s annual report. The trading house will update the market on its hedge funds when it releases its results later this month.
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-metal&metallurgy-The
17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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