Armajaro Asset Management’s John Tilney is stepping down from the lead manager role of the company’s flagship Armajaro Commodities Fund.
Tilney will become an advisor to the fund, according to media reports. His role will be assumed by Armajaro partner and fund co-manager Oliver Denny.
Armajaro’s Commodity Fund is down 5.49% year to date, according to the company, and assets under management have fallen. The fund’s $650 million in AUM in June of 2014 has dwindled to $450 million. Armajaro is not alone in facing challenging commodity markets. Blueshift Capital Group’s primary fund fell 8% in February, it’s largest monthly loss since inception.
Tilney joined the London-based company in 2004 to set up the Commodity Fund. Armajaro was founded in 1998 by Anthony Ward, who earned the nickname “Chocfinger” from the British media after taking a 240,000 metric ton position in cocoa, which at the time was roughly 7% of the world’s supply.
The Armajano Commodity fund focuses on trades in metals, energy, soft and agricultural commodities. It is one of four funds at the company, alongside two other commodity funds and a global financials fund
Sorry, comments are closed for this post.