Hedge fund Madava hires Soylemez from JPMorgan to trade energy

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By Svea Herbst-Bayliss

BOSTON (Reuters) – Commodity oriented hedge fund firm Madava Asset Management has hired industry veteran Nedim Soylemez to trade natural gas, oil and energy, a person familiar with the hire said on Thursday.

Soylemez had been a managing director at JPMorgan Chase where he led the bank’s global natural gas trading business within its global commodities division. His hiring marks a coup of sorts for Madava, which was renamed in February when the original founders split.

Soylemez has spent 17 years trading commodities and has been successful in making money during volatile conditions.

A spokeswoman for the fund declined to comment.

Soylemez could not be reached for comment.

Beau Taylor and Trevor Woods had run Taylor Woods Capital Management since 2011 and counted prominent hedge fund investor Blackstone Group as a client. Energy investor Robb Turner bought out Woods’ stake.

Taylor and Turner now run Madava. Soylemez, who is joining as a senior portfolio manager, will be working directly with Taylor, the firm’s chief investment officer, in trading natural gas, oil and energy for the Madava Energy Commodity Fund, the person said.

The person declined to be named because personnel matters are private.

The hedge fund that Taylor and Woods ran made headlines with a bearish bet on natural gas in 2015 which earned its investors an 18 percent return during a year when most hedge funds lost money.

However, 2016 was tougher and the hedge fund lost 14 percent, ending the year with roughly $800 million in assets.

Since its launch, Taylor Woods returned an average 3.4 percent a year, beating its benchmark S&P GSCI Total Return Index, which lost 12 percent during the same time.

(Reporting by Svea Herbst-Bayliss; Editing by Phil Berlowitz)

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