Old Mutual Global Investors (OMGI) has appointed a managing director of commodities as investors return to resources and precious metals following several years of slumping returns.
The newly created role has been handed to Diego Parrilla, who will report to OMGI’s investment director Paul Simpson.
Mr Parrilla will work with the management team at OMGI to identify absolute return strategies in precious metals and commodities which are “aligned with the strategic direction of the company, and with client demand and market suitability”, the fund house said.
He joins from Dymon Asia Capital, where he had worked since August 2015. He previously held roles at BlueCrest Capital Management and Merrill Lynch.
The appointment comes as investors again look to defend themselves against the impact of central bank policy through investing in the likes of gold.
Richard Buxton, chief executive at OMGI, said: “We recognise 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 significant experience and knowledge of commodity markets to assess client demand for alternative commodities products in the future.”
Mr Parrilla added: “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.”
