London-based Insparo Asset Management has appointed commodity specialist Lucas Wurfbain to oversee a new global food fund, expected to be launched later this year.
Wurfbain began his career at Global Asset Management focusing on global equities. He then joined the commodities team at Rubicon Fund Management which used both equities and commodities futures to express its investment views. That team moved to Fortress Investment Management, launching the Fortress Commodity Fund—which grew to $1.4 billion—in 2008.
In his new post, Wurfbain will join Insparo's six-person investment team, reporting to CIO Mohammed Hanif.
The food fund intends to capitalize on commodities market dislocations resulting from rising food prices and shrinking global food resources. It joins the firm's existing offerings: the flagship Insparo Africa and Middle East Fund, which has returned over 49% since 2008; and the Insparo Africa Equity Fund which returned 23% in 2012 and is now up 10% since launch two years ago.
The firm is also currently seeding an emerging markets local markets fund, also expected to be launched soon.