Trader Fact File Andrew Hall

Andrew Hall currently leads Phibro LLC, a commodities trading firm. He also heads the hedge fund Astenbeck Capital, which has grown to more than $1 billion in managed assets.

Known by many as the God of Crude Oil Trading, Hall came under fire from critics due to the compensation he received from the bank bailouts after the subprime mortgage crisis.

At the time, Phibro LLC was a subsidiary of Citigroup, which was then sold to a company based on Los Angeles called Occidental capital.

This sale was to the tune of $370 million, sparking a great deal of controversy over Wall Street pay, and in 2008 alone Andrew Hall earned $100 million. In fact, Hall was one of the largest recipients of the executive bonuses that angered the public so much during the financial crisis.

Facts

Andrew Hall graduated from Oxford University in 1973 with an MA in Chemistry.

He has also earned an MBA from INSEAD in addition to being awarded with the Henry Ford prize for being the top graduate in 1980.

Hall later worked in several different roles for British Petroleum, eventually working his way up to Vice President of BP North America Trading in New York.

In 1982 he left British Petroleum to join Phibro Energy before inevitably joining the Board of Directors of Salomon Inc. which owns Phibro.

At present, Andrew Hall serves as CEO of Phibro, a position he has held since 1992.

2014 happened to be a particularly painful year for Hall, with his hedge fund Astenbeck Capital Management LLC posting a 16.6% loss for the month of July.

The fund itself specializes in energy (particularly crude oil), metals, and agriculture, and its managed assets fell by as much as $500 million.

This was not the first time that Astenbeck had posted such significant losses; in September of 2011 it saw an 18.9% decline.

It is, however, worth noting that Hall’s Astenbeck has also enjoyed large gains as well, such as its 17% growth seen in May of 2009 in the wake of recovering oil prices.

The Future of Andrew Hall and Astenbeck

Assets under management held at Astenbeck Capital Management fell from almost $4 billion in 2013 to around $3.4 billion in May this year.

With shale drilling greatly increasing the United States’ supply of crude oil to levels not seen for almost three decades, oil prices have been lackluster to say the least.

Hall predicted that oil prices would continue to increase year on year; however, shale drilling helped the United States to supply 84% of its energy supply last year. In light of this, one has to wonder if Hall is a little off with his predictions.

Never one to have his spirits dampened by the opinions of others, Hall remains adamant that oil prices will once again take an upward turn. He even goes so far as to ridicule people who think shale will provide a viable long-term source of energy.

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