Ulf Ek, a former power trader at Barclays Plc and Amaranth Advisors LLC, has made his first hire at hedge fund Northlander Commodity Advisors LLC.
Luis Adrian Mancebo Lomeli joined Northlander in London this month, according to two people with knowledge of the matter, who asked not to be identified because the appointment hasn’t been made public. Mancebo was a power and energy trader at Vattenfall AB, the Nordic region’s biggest utility, Constellation Energy Group Inc. and Sempra Energy, and most recently a property developer in South America, one of the people said.
Northlander has received seed capital from a private source and is yet to market the fund to outside investors, one of the people said. Ek, a 41-year-old Swedish national, also traded power at Brevan Howard Asset Management LLP, the $39 billion fund co-founded by Alan Howard, and Enron Corp. He left Barclays in September 2011 as part of an exodus that saw the bank lose the majority of a team of the most successful gas and power traders in Europe in less than 16 months.
Northlander starts after a year in which some of the biggest commodity hedge funds stopped trading. BlueGold Capital Management LLP, the $1 billion energy hedge fund co-founded by Pierre Andurand, liquidated after losing 34 percent in 2011 and Fortress Investment Group LLC shut a $500 million commodities fund after it lost almost 13 percent in four months.
Northlander has been registered with the U.K. Financial Services Authority since January 2012 and incorporated at Companies House since December 2011, records show.
German power for 2013 delivery, the European benchmark, slumped 4.3 percent in December, the biggest monthly decline since June 2011, according to broker data compiled by Bloomberg. It dropped to a record 44 euros a megawatt-hour on Dec. 27 as day-ahead prices turned negative.