Sunday, August 06, 2006

hedge fonds blows up

ich hatte solche ausfälle ehrlich gesagt schon viel früher erwartet und denke das zukünftig wohl auch noch größre spieler probleme bekommen werden. der einfluß von problemen bei größeren spielern wird dann aber wohl nicht auf die nische wie den gashandel beschränkt bleiben. würde nicht darauf wetten das der markt den kommenden "streßtest" bestehen wird.

SAN FRANCISCO (MarketWatch) -- MotherRock LP, an energy hedge fund run by the former president of the New York Mercantile Exchange, is shutting down after suffering big losses in natural gas markets in recent months, The Wall Street Journal reported on Friday.

MotherRock lost $230 million in June and July because of volatility in natural-gas markets and investor redemptions, the newspaper said, citing a person familiar with the situation.
J. Robert Collins, who started MotherRock in early 2005 with former Pioneer Futures trader Conrad Goerl and ex-Nymex vice president John D'Agostino, apologized to investors for losing their money and said a plan for winding down the fund was being drawn up, the WSJ said, citing a letter to investors that was reviewed by Dow Jones Newswires. See full story at (subscription required).

A representative at the firm's New York office declined to comment.

Natural-gas prices have been particularly volatile lately. They rallied 17% in the week of July 24 and then surged 14% on Monday, fueled by the recent heat wave that's swept across the U.S., the newspaper reported.

Traders said the jump was caused by funds covering short positions and speculation that a big market player was being forced to buy as prices rose, the WSJ said.

At its peak, MotherRock managed about $430 million in assets, making it one of the largest hedge funds trading natural-gas futures, the paper noted.



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