Conductor Capital, a London-based commodity-focused hedge fund founded in 2022 by former EDF Trading executive Marcello Romano, is set to close, following a difficult period for parts of the energy and commodities trading sector, according to a report by Bloomberg.

The report cites filings made at UK Companies House in December as confirming the decision to wind up the business.

Conductor launched amid heightened volatility in global commodity markets following Russia’s invasion of Ukraine, joining a wave of independent hedge funds seeking to capitalise on sharp price swings across gas, power, metals and other commodities. That volatility initially helped attract investor interest after several years of subdued returns in the sector.

However, 2025 proved challenging for a number of commodity hedge funds as geopolitical tensions, conflict in the Middle East and shifting US trade policies increasingly overwhelmed market fundamentals, making energy markets harder to trade. Losses across the sector were significant, with industry veteran Pierre Andurand’s flagship hedge fund ending the year down around 40%.