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Legendary investor Boone Pickens closes energy hedge fund amid setbacks

Reuters  |  HOUSTON 

(Reuters) - Legendary investor T. Boone said on Friday he has closed his Dallas-based hedge amid health and financial setbacks.

Pickens, 89 years old, said in a letter posted online that he plans to focus on his health and on entrepreneurship, philanthropic and political activities. He is still recovering from a serious fall last summer and suffered a series of strokes in late 2016.

"Trading is not as intriguing to me as it once was," he wrote in the letter posted on Friday. "It's no secret the past year has not been good to me, from a health perspective or a financial one."

The fund, which he formed in 1996, has struggled and in recent years its assets have been well below a peak of $2 billion in 2007, a said.

gained notoriety and celebrity in the 1980s as a dealmaker who launched leveraged buyouts of companies including Phillips Petroleum Co, Corp and Even though many did not succeed, he and his investors made substantial from the sale of stock of his target companies.

In 1956, he founded an production company that became and ran it for nearly 40 years.

A decade ago, he unveiled his "Plan," a lobbying effort to wean the from OPEC by championing the use of alternative and He spent in excess of $100 million to promote the effort, a said.

and David Meaney, executives of the shuttered hedge fund, BP Capital, have started their own hedge fund, Assert Capital Management LP.

Their commodities will start operations next week with about $25 million, mostly from past investors. It plans to raise another $200 million this summer, Meaney said in an interview.

remains involved in his charitable foundation and on the board of Clean Fuels Corp, which operates refueling stations.

Two of vehicles, funds Partners and Advisors, remain in operation.

(Reporting by Gary McWilliams; Editing by Steve Orlofsky)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 23:40 IST