Commodity-focused hedge fund firm Armajaro Asset Management has appointed Harry Morley as chief executive officer. Morley had previously been group finance director of Armajaro Holdings since 2008. He is taking over the role from Richard Gower, co-founder of Armajaro, who now becomes chairman of Armajaro Asset Management.
"With five hedge funds across commodity and emerging market sectors, we believe Armajaro offers investors a unique and compelling investment opportunity," said Morley. "Investment in commodities as an asset class has been growing rapidly, particularly among pension funds and other professional and institutional investors. I look forward to continuing to develop the business and building on the existing momentum and potential for further growth."
Prior to joining London-based Armajaro, Morley spent ten years working for a range of private equity backed businesses, and co-founded Tragus Holdings, the owner of the Café Rouge and Bella Italia restaurant chains, which was successfully sold to Legal & General Ventures in 2005. Prior to that, he worked for P&O for six years.
Armajaro Asset Management manages four commodity hedge funds and an emerging markets hedge fund with combined assets under management in excess of US$1.7 billion.