Wednesday, 2 December 2015
Last updated 6 hours ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…