|The fallout of tougher restrictions on the trading activities of banks continues to yield privately managed hedge funds headed by former bank traders. As reported by Reuters, three former gas and power traders from bank trading powerhouses are striking out on their own to start a new energy hedge fund Cogent Energy Investment Management LLC. |
Fletcher Sturm, formerly with Barclays Plc, has teamed up with Frank Ermis and Robert Benson, formerly of JPMorgan to launch Stamford-based Cogent Energy Investment Management.. Both JPMorgan and Barclays Plc. have come under fire by the U.S. Federal Energy Regulatory Commission (FERC) for manipulation of the power markets.