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By Benedicte Gravrand, Opalesque London:

Galena Asset Management Ltd launched the Galena Energy Fund on 1st May 2009 to trade oil and energy futures, options and swaps.

The new fund leverages on Trafigura's proprietary information flow about the physical markets. The Trafigura Group is the world's third largest independent oil trader and Galena is its subsidiary.

David Mimra, Galena's head of Sales and Marketing, described the fund's investment strategy to Opalesque: "Galena Energy Fund's mandate is to invest in oil and power markets. The discretionary investment approach combines both relative value and directional trades using a combination of exchange-traded futures, options and calendar spreads. The objective is to deliver 15 to 20% (net) performance per annum in all market conditions."

The fund is being launched just as crude oil is rallying again and energy policies are on several governments' agenda - notably the new U.S. administration's.

Crude oil futures rallied back above $59 a barrel on Monday. Prices rose after dropping 3.9% on May 15 when a report showed U.S. industrial production had fallen for a sixth month, according to Bloomberg.com. Crude also climbed after Nigerian militants attacked some of Chevron's pipelines to domestic refineries and power stations.

Despite the general rise in prices, dem......................

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