A hedge fund based just steps away from London’s exclusive Harrods department store is a critical piece of Iranian oil mogul Hossein Shamkhani’s vast financial empire.
The firm, Ocean Leonid Investments, operates out of 180 Brompton Road and is managed by Shamkhani, a secretive commodities trader with influential ties to both Iran and Russia, according to insiders and documents reviewed by Bloomberg.
Established in the UK in June 2022, Ocean Leonid also runs offices in Geneva, Dubai, and Singapore.
In finance circles, the firm is recognized for its focus on energy trades, employing industry veterans with experience at major companies like Gunvor Group, Koch Industries, and Citadel.
Ocean Leonid presents itself as a multi-strategy trading platform with potential plans to take on external clients, though the identity of its true backer, Shamkhani, has long been shrouded in mystery.
Shamkhani’s involvement was uncovered through a Bloomberg investigation spanning over a year, which relied on interviews and corporate records.
While there is no evidence of wrongdoing or regulatory violations by Ocean Leonid, its presence in London has drawn attention from UK and US officials, given their focus on tightening oil-trading sanctions.
Managing a portfolio worth hundreds of millions of dollars, Ocean Leonid concentrates on futures and options across commodities like oil, gas, and metals.
Despite Shamkhani having no formal title at the firm, its senior leadership regularly consults with him on trading strategies.
The fund’s capital flows through oil firms linked to Shamkhani, funnelled through shell companies and into Ocean Leonid accounts, according to sources with direct knowledge.
The fund benefits from Shamkhani’s market insight, given his control over oil exports from two OPEC+ nations.
Additionally, Western banks such as JPMorgan Chase and ABN Amro Bank have provided leverage to the firm, further fueling its financial power.
Operating like a family office, Ocean Leonid gives Shamkhani access to funds that can be rapidly moved across Europe and globally.
Italian director Luigi Spagna, who has been with Ocean Leonid since its inception, is also involved in Milavous Group, a parent company within Shamkhani’s complex network of businesses, revealed in previous Bloomberg investigations.
Despite its growth and strategic position, Ocean Leonid has remained elusive, with its leadership and ownership shrouded in secrecy.
