Andrew Hall has launched a new fund, Astenbeck Capital Management, according to this morning’s Financial Times.
We learned that Hall’s Phibro was raising money from investors recently, but we didn’t know that Hall had plans to actually open a fund separately from Phibro.
Astenbeck Capital, the new group fund, is named for a town nearby Hall’s castle in Germany.
The article says that half of Astenbeck’s funds are pooled in a commodity fund. The other half is pooled in other things.
The commodity fund was apparently down 6% in January, according to the Financial Times’ unidentified sources. Astenbeck’s other funds’ performance is unknown.
Astenbeck’s total assets under management are allegedly $1.4 billion currently and they seem to be continuing to raise money. The minimum investment is said to be $25 million.
Both Occidental and Hall share the ownership of Astenbeck. Hall owns the majority of the fund, 80%, and Occidental owns the remaining 20%.
We’re currently trying to find out more details about Occidental’s part ownership of Astenbeck.
Occidental only recently bought Phibro, a commodity trading unit, from Citi.
Along with Phibro came its star trader Andy Hall, who will continue to run Phibro alongside Astenbeck at Occidental.
Because of regulations suggested by the Volcker Rule, prop trading might soon be limited if not eliminated from banks like Citi, but at Occidental, an oil house, no such regulations are under consideration.
We reached out to people at Astenbeck, Occidental, and the Financial Times for clarification about the new fund and will continue coverage of Astenbeck Capital once we know more.