Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
21/07/2010
Black River launches long/short commodities fund
Black River Asset Management, a Minnesota-based $5bn alternative asset manager independently owned by Cargill, has launched its long/short equity commodities fund to outside investors, HFMWeek has learned.
According to a source familiar with the firm, which manages $4.6bn in hedge funds, the Commodity Equity Long/Short Opportunity Fund, initially rolled out in September with $60m, will target institutions worldwide to reach its $250m capacity.
The offering trades global equities involved in commodity chains which Cargill operates in, including fertilizer, grains, meat and food distribution, along with the industrial chains, including steel, transportation and energy.
Gregg Groechel is the fund’s portfolio manager. He joined Black River in September 2005 and is in charge of the firm’s long/short equity business. Previously, he co-founded RedSky
Partners, a Minnesota-based hedge fund, in 2002.
The fund has a $1m investment minimum, 2/20 fees and quarterly liquidity with 60 days’ notice.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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