|CEO of Phibro LLC, Andrew Hall, has formed a new hedge fund group, Astenbeck Capital Management, to oversee outside funds. According to the Financial Times, Mr. Hall owns 80% of the new firm, while Occidental Petroleum Corporation owns 20% and also continues to supervise Phibro’s risk controls.|
According to sources, Astenbeck Capital Management’s commodity fund was down 6% last month. The push to start the new hedge fund for outside money came from government pressure regarding a proposal to ban sponsorship of hedge funds and proprietary trading. Mr. Hall will continue to run Phibro in conjunction with Astenbeck Capital Management at Occidental (NYSE: OXY).