Sept. 5 (Bloomberg) -- Duet Group hired Philippe Laraison from Societe Generale SA as chief investment officer for its Duet Commodities Fund.
He replaces Tony Hall, who resigned in July after the fund lost money in nine out of 10 months. The Duet Commodities Fund lost 6.4 percent this year through June, after gaining 26 percent in 2011, according to data compiled by Bloomberg.
Laraison “is very experienced and established in the commodity space,” Henry Gabay, company co-founder, said in a telephone interview from London. “Philippe will likely begin trading within the next 30 days. Another hiring will be announced on the metals side very shortly.”
Laraison, who joined Societe Generale in 1994, worked as the bank’s head of energy trading in New York from 2007 to 2011, the company said in an e-mailed statement. He was global head of refined oil trading at the bank from 2001 to 2004.
The Duet fund trades commodities from oil to metals after starting in July 2010.
The Standard & Poor’s GSCI Index of 24 raw materials has gained 4 percent this year.
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