Financial Times – A prominent backer of commodities hedge funds is shutting down after investors frustrated by market doldrums and high management fees took their money elsewhere.
Schroders’ Opus commodities fund, which contained $2.3bn at its peak, is closing after assets dwindled to hundreds of millions of dollars, according to people familiar with the matter. David Mooney and Cédric Bellanger, co-portfolio managers, will leave London-based Schroders.
Opus was part of NewFinance Capital, an alternative investment group that Schroders acquired in 2006. The business was one of a handful of niche funds of commodities hedge funds, which farm out investor cash to star traders in markets such as oil, copper or grain.
