Old Mutual Global Investors (OMGI) has announced the appointment of Diego Parrilla to the newly created role of managing director, commodities.
Based in Singapore, Parrilla will report into Paul Simpson, investment director at OMGI. He will initially be responsible for promoting and building the £60m Old Mutual Gold & Silver fund to institutional and private client investors in Singapore and other markets in which OMGI operates in that region.
OMGI, part of Old Mutual Wealth, announced the newly-created role in a statement today and added that Parrilla will also be working with OMGI’s management team to identify absolute return strategies across precious metals and commodities.
It is the latest in a string of hires in the region by the firm as it looks to diversify its investment proposition under the direction of chief executive and well-known UK fund manager Richard Buxton.
‘Increasingly important asset class’
Richard Buxton, chief executive at OMGI said that Parrilla’s appointment is due to the company recognising that “precious metals have become an increasingly important asset class” as investors look to hedge against the impact of modern monetary policy. “We will call upon Diego’s experience and knowledge of commodity markets to assess client demand for alternative commodities products in the future,” said Buxton.
Parrilla joins the business from Dymon Asia Capital, where he worked from August 2015 having previously held a number of investment and distribution positions during his career, including portfolio manager at BlueCrest Capital Management, from June 2014 to July 2015; managing director and head of commodities, Asia Pacific at Merrill Lynch from 2009 -2011, and managing director and global head of commodity sales at Merrill Lynch from 2005-2009.
He is also known as a best-selling author having co-written, “The Energy World Is Flat: Opportunities From The End of Peak Oil” in 2015.
Parrilla said that the investment climate for commodities has created a “perfect storm in the gold markets. “Central banks and global markets are testing the limits of monetary policy, credit markets, and fiat currencies, which in my view support a multi-year bull market for precious metals,” he said.
“The Old Mutual Gold & Silver Fund offers a differentiated proposition. I look forward to working with the entire OMGI team to continue to deliver solutions across precious metals and commodities, key components of global macro markets.”
The Old Mutual Gold & Silver Fund was launched in March 2016 and is managed by Ned Naylor-Leyland with the aim to deliver a total return combining indirect exposure to gold and silver bullion with selected precious metals mining equities.
Click here to view International Investment’s recent video ‘Big Interview’ with Richard Buxton.