Hedge Fund Manager Mitchell Dong Emerges As Uranium Player

by: Greg Newton

One long-time hedge fund manager copping tons of ink-and-pixels in the Great Uranium Bull Market of 2007 is Mitchell Dong, chief investment officer of something called Solios Asset Management.

After John Rowe, nuclear-power producer Exelon Corp's (NYSE:EXC) chief executive, addressed the gathering, a man in a rainbow-hued jacket rushed up to introduce himself as a potential seller of uranium.

The man was Mitchell Dong, a Cambridge, Mass., entrepreneur who last September launched the Solios Uranium Fund, which recently reported having assets worth $46 million. “I know who you are!” Mr. Rowe shot back with a laugh.

“I know who you are!” NakedShorts shot back with a laugh. Before Solios, Dong’s last asset management venture was Chronos Asset Management, a Cambridge, Mass.-based hedge fund that sunk without trace shortly after Eliot Spitzer blew up the mutual fund market-timing racket in Sep. 2003.
Neither Dong nor Chronos was ever formally accused of wrong-doing. But Chronos was a client of broker groups at CIBC Oppenheimer and Prudential Securities accused of extremely creative jiggery-pokery in furtherance of slipping mutual fund orders past various timing police forces, on behalf of Chronos and others.

The entrepreneurial Dong is obviously proud of the Chronos years, without actually mentioning the name. A recent biography claims “over 30 years of experience in the energy industry,” without specifying whether that includes the time he “ran a statistical arbitrage fund for nine years with an average net IRR of 24% and peak assets of $500 million.” Stat arb? So much less, well, radioactive.

Readers can trip among the isotopes after the meltdown. Alternatively, 15 lbs or so of uranium buys a ticket to the Hedge Fund Trading Conference in New York, in July, where Dong is among the scheduled exhibits. At a guess, it’ll be something about the price going up some more.

New Exotic Focus For Hedge Funds: Uranium Market [$$]
by Ann Davis
The Wall Street Journal Mar. 5 2007

Uranium catches on with niche-savvy investors
by Nick Trevethan
Reuters Sep. 13 2006

Solios Asset Management launches new uranium fund
HedgeWeek Sep. 14 2006

Mitchell Dong biography
MARHedge* Institutional Investor 12th Annual European Conference On Alternative Investments
* Disclosure: My old shop, until about 2½ years ago.

Solios Asset Management contact information

As in the article, neither Chronos nor Dong was accused of wrong-doing in relation to the market-timing scandal. The following action does, however, include a variety of references to Chronos, including email snippets involving the aforementioned extremely creative jiggery-pokery.
SEC v. Martin J. Druffner et al

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