Sunday, 28 December 2014
Last updated 9 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.