January 25, 2018 / 7:29 PM / 4 months ago

Exclusive: Commodities fund Jamison Capital to shut -source  

NEW YORK/LONDON (Reuters) - Jamison Capital Partners LP, a New York-based macro commodity hedge fund run by former Morgan Stanley trader Stephen Jamison, will be shutting its nearly $1.5 billion fund and convert to a family office, a source familiar with the matter said on Thursday.

The closure of Jamison, one of the largest commodity-focused hedge funds, comes after several other big names have closed shop in recent months. They include hedge fund manager Andy Hall, who closed his Astenbeck Capital Management last summer, and Texas tycoon T. Boone Pickens, who said this month that he was closing his fund, in part due to declining health.

A spokesperson for Jamison did not respond to requests for comment.

Jamison was down nine percent last year, according to two other sources familiar with the fund’s returns, driven in part by some losses on natural gas in the second half of the year.

Macro commodity hedge funds returned an average of 0.01 percent in 2017, making it one of the worst-performing strategies last year, according to data from industry tracker Hedge Fund Research.

    Many trading firms and banks reported poor results in 2017 due to muted client activity and wild fluctuations across energy markets. Goldman Sachs said the second quarter of 2017 was its worst quarter on record in commodities.     

    Jamison, a former Morgan Stanley trader, started the fund in 2009 and mainly invested in commodities, but also other assets when better opportunities arise.

Reporting by Catherine Ngai in New York and Maiya Keidan in London; Additional reporting by Lawrence Delevingne

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