Former BlueGold hedge fund manager Andurand plans new oil fund

Tue Jan 22, 2013 9:49am EST

Jan 22 (Reuters) - Pierre Andurand, manager of the oil-focused BlueGold hedge fund that closed after heavy losses last year, plans to launch a new energy hedge fund in London by next month.

The firm, Andurand Capital Management LLP, opened in central London's Brompton Road in July. BlueGold wound up in April after losing a third of its capital in 2011.

"The new hedge fund will be launched in February. I can't say more than that for now," a source at Andurand Capital told Reuters.

Dow Jones' e-financial news on Monday quoted Andurand as saying he was planning the new fund and would mainly approach former BlueGold investors for fund-raising.

Andurand Capital said on its website that it targeted "absolute returns with an asymmetric upside," language typical for a hedge fund.

It did not say if Andurand would have any partners to jointly manage the new fund, although it did refer to his past association with BlueGold co-founder Dennis Crema.

BlueGold made headlines with a 200 percent gain in 2008 by calling the peak of the oil market just before the global financial meltdown.

Its fortunes crashed in 2011 when it finished as one of the worst performers among commodity hedge funds with a 35 percent loss. Its asset base had shrunk by then to $1.2 billion from $2 billion a year earlier.

Andurand, 35, started as an oil trader at Goldman Sachs . He later climbed the ranks at Bank of America and Swiss oil trading giant Vitol before launching BlueGold with Vitol colleague Crema in 2008.