Weather fund Pyrenees closes, traders set up weather desk at Sempra

Weather hedge fund Pyrenees Capital Management closed at the end of October, a year after its launch, and two of the company’s three staff have moved to energy trader Sempra Commodities to set up a new weather desk.

The Connecticut-based fund presumably closed due its investors withdrawing their funding, says an unnamed source.

Pyrenees head and founder Jeff Bortniker and his colleague Coi Dang – both formerly of XL Capital and Enron – started today at the Connecticut-based energy-trading arm of Sempra Energy, a source told Energy Risk. Bortniker did not return calls for comment.

Sempra spokeswoman Jennifer Andrews confirmed the company had set up a new, two-strong weather desk, but would not confirm the