Vega Asset Management, a hedge fund with some USD7.5 billion in assets under management, is launching a commodity trading strategy and has hired Julian Barrowcliffe, former global head of commodity derivatives at Bank of America, to lead the effort. Details of the strategy could not be determined by press time. Barrowcliffe and Jon Berg, chief executive at Vega Asset Management (USA) in New York, declined comment.
Vega, which also has offices in Madrid, is joining a growing number of hedge funds jumping into the energy markets to fill the void left by Enron’s collapse.
Barrowcliffe, who left BofA last year, was previously a managing director at Cinergy Capital and Trading in Greenwich, Conn., and prior to that a director of global commodity derivatives at Merrill Lynch.
