The co-founder of BlueGold Capital Management, the commodities hedge fund manager whose fund shut down last year after losing a third of its value in 2011, is preparing to launch a hedge fund that will focus on trading oil derivatives.

Pierre Andurand has set up Andurand Capital Management and told Financial News that the new firm is already running a managed account and will launch a fund in February. He said: "Our main fundraising focus will be former BlueGold investors. There will be the old high-water mark for the ones who stayed with us until the end."