Tudor Pickering Holt & Co. hired alumni from Citadel Investment Group LLC and Goldman Sachs Group Inc. to start a hedge fund focused on energy companies, the Houston-based company said.
Paul Chambers, 41, former global sector head of energy and utility equities at Citadel, and Walker Moody, 31, previously in the investment management division at Goldman Sachs, have joined TPH Asset Management LLC, the new hedge fund unit of Tudor Pickering Holt, an energy investment and merchant banker, the company said in a statement.
“We’re bringing very much a bottom-up stock-picking approach to the business,” said Dan Pickering, 44, co-president and head of research at Tudor Pickering, in an interview. “This is not a fund that’s going to need oil to go to $120 to make money. We’re going to find stocks that will perform in a good environment or a bad environment.”
Chambers was brought on as portfolio manager and Moody as head of asset management.
Pickering started Pickering Energy Partners in 2004 and merged in 2007 with Tudor Capital, founded by Bob Tudor, 50, a former Goldman Sachs partner who now serves as chief executive officer of Tudor Pickering.
The hedge fund is slated to begin trading in February, said Pickering, who has invested $3 million of his own money. He declined to say how much capital the company has raised.
“The industry norm is that critical mass for a hedge fund or a fund complex today feels like it’s at least $100 million,” Pickering said. “We would hope to be at critical mass at our launch or shortly thereafter.”
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