Tuesday, 29 July 2014
Last updated 1 hour 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…