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Lombard Odier axes global energy fund

Lombard Odier axes global energy fund

Lombard Odier Investment Managers has closed its dedicated global energy fund in the wake of consistent underperformance, Citywire Selector has learned.

The LO Funds – Global Energy fund was closed on 27 October 2017 in order to 'rationalise the LO funds product range', according to a spokesperson for the company.

The closure comes after a long period of underperformance as the LO Funds - Global Energy P A fund returned -35.82% in US dollar terms over three years to the end of October 2017.

This compares to the average manager's performance of -20.32% over the same timeframe. 

Pascal Menges had served as lead manager on the fund and has now assumed new responsibilities within the global equity team as a client portfolio manager.

Menges first took over as lead portfolio manager on the global energy fund in January 2014 following the departure of Michael Hulme, who joined Carmignac Gestion.

At the time of Hulme’s departure in 2014 the fund had around $100 million in assets. This plummeted to $10.3 million by the end of October 2017.

The company said the assets were directly affected by the drop in the spot price for a barrel of WTI Crude from 98.23 as of the end of January 2014 to 53.92 on 27 October 2017.

Working at Lombard Odier Group since 2006, Menges has headed up its industrial team and served as a senior energy analyst within the buy-side research department of its private bank.

He was also involved in the launch of the global energy fund in 2010 in an equity research capacity. Menges ran the portfolio alongside Umberto Patalano, who has been managing the fund since its inception.

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