Black River flows out of Cargill


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 own range of funds.

In spinning out Black River into a separate company, Cargill is adopting a significantly different approach to other big financial