Stuff – Hedge fund firm Pure Capital plans to launch a range of funds, including products playing food and carbon markets.

Anthony Limbrick, chief investment officer of the New Zealand-based firm, told Reuters the Pure Carbon fund, which will be seeded with the firm’s money, will trade in the European carbon market and have an initial capacity of $US20 ($NZ32) million.

He said the fund will aim to grow as the carbon market evolves, but is also ready to exploit the possibility of a slump in the segment.

"We think there’s a 30 percent chance the market collapses … That could create a `fat tail’ (a very rare event with major consequences) for us to make money," he said in an interview at the GAIM 2009 hedge fund conference.

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JP Morgan Chase & Co and Citadel Investment Group resumed trading with each other on Friday, one day after the bank had cut off the hedge fund over a hiring dispute, a person familiar with the matter said.

"The dispute has been resolved," a person familiar with the hedge fund said on Friday.

Citadel’s officials could not be reached for comment at the office.

Citadel, one of the world’s largest hedge fund firms with roughly $20 billion in assets, clashed with JP Morgan because it had hired a string of executives from America’s second largest bank this year, people familiar with the matter said.

They said JP Morgan told employees to stop trading stocks, bonds and currencies with Citadel on Thursday morning, essentially prohibiting anyone from buying or selling with the hedge fund.

By Friday, the differences had been resolved and business was back to normal, the person said.

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The Age- Plans by Melbourne-based Lion Selection to sell its stake in Indophil to Xstrata for $1 a share have come under attack from London hedge fund Carrousel Capital.

The move raises the prospect that Indophil can turn the tables on Lion, its 25.4% shareholder, with its scrip takeover bid for the group.

Carrousel holds more than 3% of Lion and said Xstrata’s bid for Indophil was sufficiently low-ball for it to vote against resolutions at Lion’s June 23 extraordinary meeting to seek shareholder approval to accept the Xstrata offer.

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