Ex-Graham Manager Bueno Starting Commodities Hedge Fund

Former Graham Capital Management money manager Marcos Bueno is teaming up with Aurelia Lamorre-Cargill, an ex-Barlcays Plc fixed-income banker, to start a commodities hedge fund.

Argon Capital Management plans to hire six managers that will each specialize in commodity-focused investments in such asset classes as equities, credit, futures and currencies, the New York-based firm said Wednesday in a statement. Argon is targeting $400 million to $500 million for its first fund.

Hedge funds that focus on commodities and make wagers on macroeconomic events have struggled to keep up with other strategies since the 2008 financial crisis. In 2014, Brevan Howard Asset Management shut its commodity hedge fund run by Stephane Nicolas. Tony Hall and Arno Pilz returned money to investors in their Hall Commodities fund after losing 11 percent last year through September.

Bueno, 39, will allocate capital to the firm’s money managers. He was most recently at Graham, where he was a money manager from 2011 until May 2014 and a partner at the firm’s London affiliate. He previously managed commodities investments at JPMorgan Chase & Co.’s proprietary trading desk.

Lamorre-Cargill, 40, is Argon’s chief executive officer. She was most recently the global head of fixed-income structuring at Barclays, according to the statement. Before that she worked at Deutsche Bank AG and JPMorgan.