Apollo Management, a private equity firm co-founded by Leon Black, closed its metals hedge fund in London, according to two people with direct knowledge of the matter.
The New York-based firm put $40 million into the Apollo Metals Trading Fund, which started in March 2009, according to a March 22 SEC filing. An outside spokeswoman for the firm declined Tuesday to say why Apollo shut the fund or to give the number of fund employees.
The fund traded industrial and precious metals and mining equities, Apollo said in the SEC filing. Mark Thompson, the fund's manager, left the company in June.
Apollo hired Greg Beard in June from Riverstone Holdings as a senior partner focusing on commodities, according to one of the two people. Riverstone is a New York-based private equity firm focusing on energy and power that managed about $17 billion as of June, according to its website.