Commodities trader Trafigura is looking to more than double the size of its fund management division Galena over the next two years, Financial Times reports. The company is looking to exploit the opportunities created by lending cuts by banks. Galena presently has $1.8 billion in assets under management.
The world’s second largest metals trader is also looking to float a private equity fund, targeting the mining sector, by the first quarter of next year. The new fund will raise nearly $500 million over the next few months, comprising $100 million of Trafigura’s own capital.
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