Trading `BOON' Pickens: Oil Tycoon's Spinoff Fund Seeks Listing
Trading `BOON' Pickens: Oil Tycoon's Spinoff Fund Seeks Listing
(Bloomberg) -- Legendary oil tycoon T. Boone Pickens has closed his hedge fund, but the octogenarian’s name may live on on the New York Stock Exchange.
NYSE Pickens Oil Response ETF, a spinoff of the wildcatter’s shuttered Dallas-based BP Capital LLC, submitted a prospectus to the New York Stock Exchange that would use the ticker “BOON.” The equity index fund will include energy explorers and producers, oil-services companies, refiners and renewables companies that are closely correlated to the Brent crude oil price.
The fund’s adviser is TriLine Index Solutions, a unit of BP Capital Fund Advisors, which is indirectly controlled by Toby J. Loftin and Pickens, according to the prospectus. Pickens said last month that he would continue to be an owner and investor in the TriLine Index Solutions energy index series and the BP Capital TwinLine Energy Fund after the closure of BP Capital, which had about $335.1 million under management at the end of 2016.
To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Will Wade, Joe Richter
©2018 Bloomberg L.P.