US fund Amaranth hit by $6bn loss

Risk staff
01 Oct 2006

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Amaranth Advisors, a US-based multi-strategy hedge fund manager, suffered close to a $6 billion loss in September after huge concentrated positions in the natural gas market went awry. The losses have forced the Connecticut-based firm to sell its energy portfolio to Chicago-based hedge fund Citadel and JP Morgan.

The speed at which Amaranth's energy derivatives portfolio, managed by Calgary-based co-head of energy Brian Hunter, notched up mark-to-market losses has taken investors by surprise

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