Tuesday, 28 April 2015
Last updated 16 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…