Paul Crone, the former head trader at Touradji Capital Management LP who left the firm in March after seven years, has started a metals hedge fund in New York, according to Citrine Capital Management LLC, his new company.
Reported by Chanyaporn Chanjaroen, Bloomberg, Citrine, located on the 34th floor of the Chrysler Building, has a team of three led by Crone, who’s chief investment officer, according to a statement. The fund will trade listed derivatives in base metals, gold and platinum-group metals, Crone said in an e-mail interview, declining to specify how much money the fund has raised nor its target size.
Crone, 40, is among traders starting hedge funds this year looking to profit from a bull run in commodities that began last month as policy makers from China to the U.S. ramp up stimulus to boost their economies. Commodity hedge funds tracked by the Newedge Commodity Trading Index advanced 0.9 percent on average in August, erasing the year’s loss.
Citrine hired Mike Connolly, formerly at HSBC Securities USA Inc., as a trader, and Drew Ries, who used to work at Susquehanna International Group LLP, as chief operating officer, according to the e-mailed statement. Energy Alpha Strategies, a London-based commodity-focused investment firm, is a so-called strategic partner, it said.