Hot commodity

24 September 2010 By Richard Beales Follow @richardbeales1

Blackstone is seeding a hedge fund for commodity traders leaving Credit Suisse. With even foreign institutions wary of breaching the Volcker Rule, opportunities are flowing to the nonbank system. It s another reason hedgies should count their regulatory blessings, not complain.

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A senior Credit Suisse commodity executive, George Beau Taylor, and a team of traders have left the bank to set up a hedge fund backed by Blackstone.

Blackstone will provide $150 million to back the fund started by Taylor, who was global head of commodities arbitrage trading at Credit Suisse.

The U.S. Volcker ule, which requires banks to halt most proprietary trading, applies only to banks whose operations have U.S. government backing, but its repercussions have been felt more widely.

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