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Jeremy Llewelyn
The annual Hedge Fund Intelligence European Summit in Paris opened with a keynote speech focusing on the global and emerging markets outlook by Jeremy Llewelyn, a co-founder and managing principal of Black River Asset Management - the hedge fund and private equity asset manager owned by US-based multinational and commodity trading giant Cargill.
In a wide-ranging and insightful address, Llewelyn delved beneath the negative headlines that are frequently associated with emerging markets to examine a diverse and very varied global sector that he believes is ripe with opportunities for investors.
Besides being the CEO of Black River's UK operation, Llewelyn has also portfolio oversight of the firm's offices in London, Singapore, Sydney, Moscow, Istanbul, Delhi and Shanghai - giving him a very global, but also local, perspective on a wide range of markets and regions.
He is the co-CIO of Black River's emerging markets hedge fund business - and the head of its private equity business, which focuses on investing in commodities and emerging markets including agriculture, food, and metals and mining.
Established in 2003 when it span out from Cargill as an independently managed business, Black River - which has expertise across fixed income, equity, commodities, emerging markets, relative value and macro investing in both public and private markets - has grown to manage more than $8 billion of assets, with an investment team of more than 100 people operating out of 15 offices in 13 countries on five continents.
With the global hedge fund industry recently surpassing $3 trillion in assets under management, an all-time record high, Llewelyn observed that in light of this sustained growth hedge fund investors now have an even harder job than managers. "You have to anticipate six to 12 months in advance where to find the best investments," he said.
Emerging market debt...