Cargill, Incorporated is a privately held, multinational corporation based in Minnetonka, Minnesota. Founded in 1865, it is now the largest privately held corporation in the United States in terms of revenue. If it were a public company, it would rank, as of 2011, number 13 on the Fortune 500, behind AT&T and ahead of JP Morgan Chase. Some of Cargill's major businesses are trading, purchasing and distributing grain and other agricultural commodities; trading in energy, steel and transport; the manufacture of livestock and feed; producing food ingredients such as starch and glucose syrup, vegetable oils and fats for application in processed foods and industrial use. Cargill also operates a large financial services arm, which manages financial risks in the commodity markets for the company. In 2003, it split off a portion of its financial operations into a hedge fund called Black River Asset Management, with about $10 billion of assets and liabilities. It owned 2/3 of the shares of The Mosaic Company , one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients.