Cargill, the agro-business giant, is taking a sizeable
minority stake in a giant new hedge fund operation that it is
spinning out of one of its proprietary trading activities. The
new group, called Black River Asset Management, aims to launch
a series of funds starting in the first half of next year.
Black River will continue to run around $400 million of
proprietary money for Cargill, but will also raise money from
outside investors for its...