OMGI hires commodities managing director

Old Mutual Global Investors (OMGI) has appointed Diego Parrilla in the newly created role of managing director, commodities.

Parrilla will be based in Singapore and report to Paul Simpson, investment director at OMGI.

In that new role, he will be initially in charge of promoting and building the £60m Old Mutual Gold & Silver Fund to the institutional investors in Singapore and other markets in which OMGI operates.

The Old Mutual Gold & Silver Fund was launched in March 2016 and is managed by Ned Naylor-Leyland.

It seeks total return and provides indirect exposure to gold and silver bullion with selected precious metals mining equities.

His duties will also include work with OMGI’s management team to identify absolute return strategies across precious metals and commodities that are in line with the strategic direction of the company, and with client demand and market suitability.

Parrilla joins from Dymon Asia Capital, where he focus on global macro strategies from August 2015.

He formerly held a number of positions 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 to 2011, and managing director and global head of Commodity Sales at Merrill Lynch from 2005 to 2009.

Parrilla has also been an executive director in the commodities division at Goldman Sachs from 2001 to 2005.

He began his career as a precious metals trader at JP Morgan in London in 1998.

Parrilla said: “We are seeing a perfect storm in the gold markets whereby 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.”

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