Chone Steps Down From Board of Galena Asset Management
Cedric Chone stepped down from the board of Galena Asset Management Ltd. to make way for non- executive directors.
Chone continues to be portfolio manager at Galena Special Situations Fund, according to Geneva-based spokeswoman Victoria Dix. A filing with the U.K.’s Companies House showed his resignation from the board was on April 1.
Special Situations is a long-only equity fund investing in mining and energy projects, Dix said. Special Situations shares lost 6 percent this year through February after dropping 25 percent in 2011 and 4.6 percent in 2012, data compiled by Bloomberg show. The fund’s class-B shares fell 7.7 percent, 28 percent and 2.4 percent, respectively, during the same periods.
By comparison, the Stoxx 600 Basic Resources Index (SXPP) of European companies fell 4.8 percent this year through February, after plunging 30 percent in 2011 and rising 4.2 percent last year.
Claude Lixi, the head of Galena’s energy hedge fund, left in January, people familiar with the departure said at the time. Galena, a unit of Trafigura Beheer BV, also has a metals hedge fund, which declined in 2012 for its first annual loss since its inception in 2004, according to data compiled by Bloomberg.
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