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November 11, 2006

New Fund on the Energy Horizon

-- By Pushpa Sathish, Staff Writer

A new hedge fund that will trade in the energy market, specifically in natural gas and crude and refined oil, is sure to raise some eyebrows coming as it does on the heels of Amaranth’s loss of more than $6 billion due to bad calls in the energy space. But Jeff Shankman and Andy Weathers are going ahead with their plans for Trident Asset Management, a hedge fund registered in the Cayman Islands.

Shankman was the CEO at Enron Corporation, the world’s largest energy-trading company, before it filed for bankruptcy in 2001, while Weathers is an erstwhile employee of both the Duke Energy Corporation and Houston’s electricity distributor CenterPoint. With their combined expertise in the energy field, the duo hope to raise $250 million over the next six months, said word-of-mouth reports from two anonymous investors who cited marketing documents from Trident. Bloomberg reports:

A four-year rally in prices for raw materials has spurred investment in commodity-trading hedge funds, which oversee $22.5 billion globally, up from $12 billion a year ago, according to London-based NewFinance Capital LLP, which invests in such funds.

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