Armajaro On Cocoa Binge

Jul 19 2010 | 1:32pm ET

Armajaro Asset Management probably isn’t going into the chocolate business, but it could after buying up nearly all of the available stocks of cocoa beans.

The London-based commodities firm took possession of more than 240,000 metric tons of the good stuff, worth as much as $1 billion, on Friday, according to public reports. It was the second-largest cocoa delivery ever, as was 20 times as large as the previous delivery, representing nearly all of the cocoa backing futures contracts on the LIFFE exchange and about 7% of annual production.

Armajaro is certainly no stranger to the cocoa business. Firm co-founder Anthony Ward is nicknamed “Choc Finger” in the British press, he’s long been betting on two of the world’s little addictions, coffee and chocolate, and is a former chairman of the European Cocoa Association.

The hedge fund now owns enough Cocoa to make more than 5 billion chocolate bars, fueling fears of a shortage in September.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...