From the wires:
Oct. 16 (Bloomberg) — Abraham Trading Co., a U.S.-based money manager with $140 million in assets, plans to raise $100 million for a commodity hedge fund. The so-called systematic fund, which started trading Oct. 1, relies on computers to decide when to buy and sell contracts in the energy, metals and agricultural markets, Shaun Jordon, director of marketing, said by phone from Austin, Texas, today. Abraham Trading, which was set up by Salem Abraham in 1988, also runs a managed futures fund which invests in 60 markets, more than half of which are commodities, Jordan said. Futures are contracts for delivery of a security at a specified time in the future at an agreed price. “As a result of client demand, we have decided to offer a fund that trades only the 34 commodity futures markets in our diversified program,” Jordan said.