|Galena Asset Management announced its decision to soft close its profitable Galena Metals Fund on September 30th. According to a press release, as of October 1st neither current nor potential investors can allocate to Galena’s premier fund. After citing Galena’s continued commitment to providing investors with “consistent risk-adjusted returns,” Sales and Marketing Head David Mimra announced that the Metals Fund would re-open in the future, with market conditions permitting. The firm’s other funds, including the new Galena Energy Fund, will remain open to investors, and Galena recently hired Frederic Codet, former Managing Director of Citigroup, as a senior trader for the developing fund. According to a Galena press release from last June, Codet will co-manage Galena Energy and has experience in oil and metals markets.|
Galena is a subsidiary of Trafigura Group and was established in 2004 by CEO Jeremy Weir, who had previously spent nine years working at N M Rothschild. Trafigura is an independent company involved in trading and sourcing crude oil, metals and minerals for industrial consumers and has offices in over 40 countries around the world.