Hedge fund firm Galena Asset Management has named a new chief executive officer.
Galena, which is the fund management unit of leading commodities trading firm Trafigura, announced in a statement released last week that Duncan Letchford has been promoted to the CEO position after previously served as Galena’s chief investment officer and portfolio manager for its metals funds and long only funds.
Prior to joining Galena in 2005, Letchford worked at HSBC’s London officer as a senior base metals futures trader.
Letchford’s new role follows the appointment of Jeremy Weir--Galena’s previous head--as CEO of parent company Trafigura Beheer BV earlier last week. Weir is replaces Claude Dauphin, who stepped down last week to receive medical treatment for an undisclosed illness.
Founded in 2003, Galena manages about $2 billion in assets. It has offices in the U.K., Switzerland and Singapore.