Bonus Watch '13: Money-Losing Commodities Hedge Funds

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Never before has a 50% pay cut felt so good. Well, at least not since last year's 50% pay cut.

Clive Capital LLP paid its top-earning partner $33.5 million in the 12 months through February as the commodity hedge-fund firm managed by Chris Levett posted losses for clients for a second straight year.

The company’s three partners Levett, 43, Richard Boland and Elizabeth Holstein, received a total $39.2 million, Clive said in a filing to the U.K.’s Companies House. The fund, which awarded its highest-paid member $60.8 million in the previous year, didn’t identify details of the compensations….

The firm’s assets under management have fallen by $600 million this year to $1.35 billion at the end of March, the person said.

Clive, which managed $3.6 billion at the end of 2011, awarded its highest-paid member $135 million in the 12 months through February 2011, according to company filings.

Christian Levett's problems, mildly disappointing though they may be to him, would make Vector Commodity's Gilbert Saiz giddy right now.

Vector Commodity Management LLP’s assets under management slumped 86 percent this year after losing money since 2011.

The energy hedge fund run by former Goldman Sachs Group Inc. trader Gilbert Saiz managed $43 million by the end of April, according to a letter to investors obtained by Bloomberg News. Its December statement showed assets of $318 million. Vector’s trading of mainly crude and oil products resulted in a 4.9 percent loss from January through April, the letter showed….

Saiz, 37, started Vector in June 2010 after about a decade at Goldman Sachs Group Inc. where he rose to head its European fuel oil desk. The fund was locked in April 2011 after assets under management climbed to almost $600 million, people with knowledge of the matter said at the time. After returning 8.6 percent in 2010, Vector lost 14 percent in 2011 and 1 percent last year.

The letter didn’t disclose a reason for the drop in assets under management.

But we can all speculate, both on the rather obvious causes and on how long it will be before Saiz calls it quits.

Clive Hedge Fund Pays Partner $34 Million After Losing Year [Bloomberg]
Ex-Goldman Trader Saiz's Fund Assets Slump 86% Following Losses [Bloomberg]

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