Diego Parrilla joined Old Mutual Global Investors as managing director, commodities, said a spokeswoman.
The position is new, and Mr. Parrilla is based in Singapore. He reports to Paul Simpson, investment director.
Mr. Parrilla is also working with the firm’s management team to identify absolute-return strategies across precious metals and commodities. “We will analyze the opportunities to develop these products in the future based on client demand and market sentiment,” said the spokeswoman in an e-mail.
He will also build up the £60 million ($78.4 million) gold and silver fund launched in March. The spokeswoman added that the gold and silver fund is OMGI’s only pure commodity product.
“The rest of the commodities exposure we have at OMGI is within other strategies e.g. within the U.K. equities funds,” she said in an e-mail.
OMGI’s commodities assets under management were not available by press time.
Mr. Parrilla said in a news release by OMGI that central banks and global markets are testing the limits of monetary policy, credit markets and fiat currencies, which support a multiyear bull market for precious metals.
“We recognize that precious metals have become an increasingly important asset class as investors look to hedge against the impact of modern monetary policy,” CEO Richard Buxton said in the same release.
Mr. Parrilla joined from Dymon Asia Capital, said the OMGI release. Further details were not available. Spokesmen for Dymon Asia Capital could not be reached for comment by press time.