BOSTON (Reuters) – An investor who beforehand helped oversee U.S. natural gas buying and selling at Citadel has arrange his personal hedge fund, an individual conversant in the plans stated on Monday.
Ron Ozer, who labored as a portfolio supervisor and co-head of U.S. natural gas buying and selling at Citadel, has launched Statar Capital LLC to concentrate on natural gas trades. He labored at Citadel, which presently manages $30 billion, from July 2015 to April 2017.
Ozer’s New York-based fund has raised roughly $140 million in belongings from household workplaces and institutional shoppers, the one that was not approved to talk publicly concerning the personal fund’s plans stated. A spokesman for Statar declined to remark.
Statar is beginning to commerce at a time the United States is awash in natural gas and costs will not be anticipated to rise any time quickly.
Other power buying and selling funds have closed this yr amid shrinking income and market volatility, together with Houston-based Velite Capital, which was as soon as one of many most-profitable U.S. natural gas buying and selling outlets however started winding down operations two months in the past.
Many commodities-focused hedge funds misplaced out on trades in power betting on larger costs in February, a report from business tracker Eurekahedge confirmed. More intense regulation on buying and selling, fueled in a part of Dodd-Frank laws, has additionally prompted many funds to tug capital from bodily commodity market buying and selling.
Ozer started his profession on Wall Street as a natural gas dealer at hedge fund DE Shaw the place he labored from 2008 to 2014.
Terrence Brennan joined Ozer as Statar’s chief working officer from Trajectoire Capital Group the place he was additionally chief working officer.
Hedge fund business returns have been muted during the last years prompting some huge buyers to show their backs on these portfolios.
Data from Hedge Fund Research exhibits that fewer hedge funds have been launched within the second quarter of 2018 than a yr in the past, marking the bottom variety of quarterly launches since shortly after the monetary disaster within the first quarter of 2009.
But knowledge additionally recommend that fewer hedge funds are going out of enterprise this yr than in previous years when the variety of liquidations outpaced the variety of launches.
Reporting by Svea Herbst-Bayliss; further reporting by Ernest Scheyder in Houston; Editing by Tom Brown