The global asset management arm of UK-based Old Mutual Wealth has made another senior appointment in Asia.

Old Mutual Global Investors has hired Diego Parrilla as managing director, commodities, a newly-created role in Singapore.

Parrilla joins from Dymon Asia Capital, where he worked from August 2015, having previously spent a year as a portfolio manager at BlueCrest Capital Management. His previous roles include managing director and head of commodities, Asia Pacific at Merrill Lynch and managing director and global head of commodity sales at Merrill Lynch.

Reporting to OMGI investment director Paul Simpsont, Parrilla will initially be responsible for building up and promoting the £60 million ($79 million) Old Mutual Gold & Silver Fund to institutional investors in Singapore and other markets in which the firm operates. He will also work with the management team to identify absolute return strategies across precious metals and commodities.

“Diego is a highly accomplished and respected investor and commodities economist, and we’re thrilled to welcome him to the team. At OMGI we recognise that precious metals have become an increasingly important asset class as investors look to hedge against the impact of modern monetary policy,” said Richard Buxton, chief executive at OMGI.

“We will call upon Diego’s significant experience and knowledge of commodity markets to assess client demand for alternative commodities products in the future.”

Earlier this month, Richard Mo joined the firm in the new post of head of China. In July, Gerard Clancy was appointed as head of sales for Southeast Asia, also based in Singapore.

OMGI had £27 billion in assets under management as at 30 June 2016.