Armajaro
Encyclopedia
Armajaro is an investment firm based in London
. The company specialises within the cocoa and coffee markets
, managing investments in soft commodity
and equity hedge fund
s. Armajaro is run by Anthony Ward and employs over 1000 people through its subsidiary companies.
Armajaro also has investments in wine production
and wine distribution as well as cocoa processing.
Armajaro employs a full time meteorologist and has its own weather stations to help anticipate yields of commodities around the world.
authorisation. Armajaro, in 2001, acquired a wine producing estate in Paarl
, South Africa
. The company established subsidiaries in Lagos
, Nigeria
and Abidjan
, Côte d'Ivoire
and got into the asset management business in 2002.
In August 2002, Armajaro bought three quarters of the 204,380 tonnes of cocoa delivered through the Euronext Liffe exchange under futures contracts. The purchase amounted to more than 5 percent of global cocoa production and produced a £58 million gain. The price of cocoa soared to a 17-year high of £1554 a tonne and sparked fears of a massive jump in chocolate
prices. Ward denied the company was manipulating the market in an effort to drive prices higher amidst the concerns of traders having difficulties fulfilling cocoa obligations.
On July 17, 2010, Armajaro purchased 240,100 tonnes of cocoa. The buyout caused cocoa prices to rise to their highest level since 1977. The purchase was valued at £658 million and accounted for 7 per cent of annual global cocoa production (some sources call this a market corner). While cocoa beans are perishable, they can be held in storage for several years.
Ward, the manager of the hedge fund, has been dubbed "CHOCFINGER" by fellow traders for his exploits. The nickname is a reference to both the Bond villain Goldfinger
as well as a British confection.
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. The company specialises within the cocoa and coffee markets
Economics of coffee
Coffee is an important commodity and a popular beverage. Over 2.25 billion cups of coffee are consumed in the world every day. Over 90% of coffee production takes place in developing countries, while consumption happens mainly in the industrialized economies. Worldwide, 25 million small producers...
, managing investments in soft commodity
Soft commodity
A soft commodity is a commodity such as coffee, cocoa, sugar, corn, wheat, soybean and fruit. This term generally refers to commodities that are grown, rather than mined. Soft commodities play a major part in the futures market...
and equity hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
s. Armajaro is run by Anthony Ward and employs over 1000 people through its subsidiary companies.
Armajaro also has investments in wine production
Winemaking
Winemaking, or vinification, is the production of wine, starting with selection of the grapes or other produce and ending with bottling the finished wine. Although most wine is made from grapes, it may also be made from other fruit or non-toxic plant material...
and wine distribution as well as cocoa processing.
Armajaro employs a full time meteorologist and has its own weather stations to help anticipate yields of commodities around the world.
History
Armajaro Group was founded by Anthony Ward and Richard Gower in May 1998. That November, Armajaro Securities Ltd gained Financial Services AuthorityFinancial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
authorisation. Armajaro, in 2001, acquired a wine producing estate in Paarl
Paarl
Paarl is a town with 191,013 inhabitants in the Western Cape province of South Africa. Its the third oldest European settlement in the Republic of South Africa and the largest town in the Cape Winelands. Due to the growth of the Mbekweni township, it is now a de facto urban unit with Wellington...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. The company established subsidiaries in Lagos
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
and Abidjan
Abidjan
Abidjan is the economic and former official capital of Côte d'Ivoire, while the current capital is Yamoussoukro. it was the largest city in the nation and the third-largest French-speaking city in the world, after Paris, and Kinshasa but before Montreal...
, Côte d'Ivoire
Côte d'Ivoire
The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...
and got into the asset management business in 2002.
In August 2002, Armajaro bought three quarters of the 204,380 tonnes of cocoa delivered through the Euronext Liffe exchange under futures contracts. The purchase amounted to more than 5 percent of global cocoa production and produced a £58 million gain. The price of cocoa soared to a 17-year high of £1554 a tonne and sparked fears of a massive jump in chocolate
Chocolate
Chocolate is a raw or processed food produced from the seed of the tropical Theobroma cacao tree. Cacao has been cultivated for at least three millennia in Mexico, Central and South America. Its earliest documented use is around 1100 BC...
prices. Ward denied the company was manipulating the market in an effort to drive prices higher amidst the concerns of traders having difficulties fulfilling cocoa obligations.
On July 17, 2010, Armajaro purchased 240,100 tonnes of cocoa. The buyout caused cocoa prices to rise to their highest level since 1977. The purchase was valued at £658 million and accounted for 7 per cent of annual global cocoa production (some sources call this a market corner). While cocoa beans are perishable, they can be held in storage for several years.
Ward, the manager of the hedge fund, has been dubbed "CHOCFINGER" by fellow traders for his exploits. The nickname is a reference to both the Bond villain Goldfinger
Auric Goldfinger
Auric Goldfinger is a fictional character and the main antagonist in the James Bond film and novel Goldfinger. His first name, Auric, is an adjective meaning of gold...
as well as a British confection.