Former BofA Asia Commodities Chief To Launch Hedge Fund

Aug 24 2011 | 12:26pm ET

Bank of America Merrill Lynch's former top Asian commodities executive will launch a hedge fund in the fourth quarter.

Diego Parrilla, who left BofA in March, has founded NARECO Advisors—which stands for natural resources and commodities—in Singapore. The firm, which Parrilla serves as chief investment officer and CEO, has already built a team of three. It will avoid stocks and physical commodities, investing instead exclusively in raw-material derivatives, Bloomberg News reports.

"Initially I'm focusing on a relative-value, market-neutral type of fund as there's a gap in the market," Parrilla told Bloomberg.

Parrilla hopes to raise US$500 million for his Commodity Low Vol Alpha Fund within three years. He's also still seeking two more employees, in trading and analysis.

Before joining BofA, Parrilla worked at Goldman Sachs and JPMorgan Chase.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note