Website terms of use

Legal and Regulatory notice

General

This website is issued by Galena Asset Management Limited.

Galena Asset Management Limited (“Galena”) is authorised and regulated in the United Kingdom by the U.K. Financial Conduct Authority. It is a private limited company registered in England and Wales (No. 04657028) with its registered office at Portman House, 2 Portman Street, London W1H 6DU, United Kingdom. “Galena”, “Trafigura” and the associated logos are trade marks of Galena or one of its group companies. 

Website Use

Access to the information on the website at www.galena-invest.com (the “Website”) is subject to the terms and conditions of use set out in this Legal and Regulatory Notice and to the Privacy Policy (insert hyperlink). By accessing the Website, you agree to these terms and conditions. If you do not accept this, you must leave the Website immediately. We may revise this notice at any time, without notice. You are advised to review these terms and conditions and the Privacy Policy on a regular basis as you will be deemed to have accepted variations if you continue to use the Website after they have been posted.

This Website is directed only at persons who are: (i) professional clients or eligible counter parties for the purposes of the U.K. Financial Conduct Authority's Conduct of Business Sourcebook; or (ii) are otherwise permitted to view the Website. The information provided in the Website is not directed to any United States person or any person in the United States, including any state there of or any of its territories or possessions.

The Funds managed or advised by Galena referred to in the Website have not been registered with the Swiss Financial Market Supervisory Authority FINMA as a foreign collective investment scheme pursuant to Article 120 of the Swiss Collective Investment Schemes Act of 23 June 2006 ("CISA"). Accordingly, the Funds may not be distributed to non-qualified investors in or from Switzerland and the information related to the Funds contained in the Website may not be made available to non-qualified investors in or from Switzerland. The Funds may only be distributed and the content of the Website may only be accessible in or from Switzerland by way of private placement to, and be directed exclusively at, qualified investors (as defined in the CISA and its implementing ordinance).

An investment in funds managed or advised by Galena (the "Funds") should only be made by persons with professional experience of participating in such funds. Galena issues information in the Website on a confidential basis to a limited number of sophisticated professional and non-private investors for the purpose of providing information about investment in the Funds.

Information displayed on the Website contains material that may be interpreted by the relevant authorities in the country in which you are resident or from which you are viewing the Website as a financial promotion or an offer to purchase securities.  Accordingly, the information on the Website is only intended to be viewed by persons who fall outside the scope of any law that seeks to regulate financial promotions in your country of residence or in the country in which the Website is being viewed. 

Examples of such persons may be governmental agencies, persons sufficiently experienced in investment business to appreciate the risks associated with investment services promoted on the Website, large corporations and trusts and high net worth individuals. These examples are not country-specific, may not be relevant to the country in which the Website is being viewed and are provided for illustration purposes only.  If you are uncertain about your position under the laws of your country of residence or the country in which the Website is being viewed, then you should consult your legal adviser.

Nothing on the Website constitutes an offer or invitation to acquire or sell any service or product referred to in the Website.  Applications to invest in any Fund or product referred to in the Website must only be made on the basis of the specific documentation relating to that investment and the terms of such investment shall be solely as provided therein.  Particular note should be taken of any risk warnings contained in such documentation.

Prohibited Uses

You are prohibited from posting or transmitting to or from the Website any material:

  • which is threatening, defamatory, obscene, indecent, seditious, offensive, pornographic, abusive, liable to incite racial hatred, discriminatory, menacing, scandalous, inflammatory, blasphemous, in breach of confidence, in breach of privacy or which may cause annoyance or inconvenience;
  • for which you have not obtained all necessary licences and/or approvals;
  • which constitutes or encourages conduct that would be considered a criminal offence, give rise to civil liability, or otherwise be contrary to the law of or infringe the rights of any third party, in any country in the world;
  • which is technically harmful (including, without limitation, computer viruses, logic bombs, Trojan horses, worms, harmful components, corrupted data or other malicious software or harmful data).

You may not misuse the Website (including, without limitation, by hacking)

Galena shall fully co-operate with any law enforcement authorities or court order requesting or directing Galena to disclose the identity or locate anyone posting any material in breach of these requirements.

Licence

You are permitted to print and download extracts from the Website for your own use on the following basis:

  • no documents or related graphics on the Website are modified in any way;
  • no graphics on the Website are used separately from the corresponding text; and
  • Galena’s copyright and trade mark notices and this permission notice appear in all copies

In particular, but without limitation, you must not use any part of the materials on the Website for commercial purposes without obtaining a licence to do so from us and/or our licensors.

Unless otherwise stated, the copyright and other intellectual property rights in all material on the Website (including without limitation photographs and graphical images) are owned by Galena or its licensors. For the purposes of these terms, any use of extracts from the Website other than in accordance with this section (Licence) for any purpose is prohibited. If you breach any of the terms, your permission to use the Website automatically terminates and you must immediately destroy any downloaded or printed extracts from the Website.

Subject to this section, no part of the Website may be reproduced or stored in any other website or included in any public or private electronic retrieval system or service without the prior written permission of Galena.

Any rights not expressly granted in these terms are reserved.

Disclaimer

While Galena endeavours to ensure that the information on the Website is correct, Galena does not warrant the accuracy and completeness of the material on the Website. Galena may make changes to the material on the Website, or to the products described in it, at any time without notice. The material on the Website may be out of date, and Galena makes no commitment to update such material.

In particular, but without prejudice to the generality of the above clause, commentary and other materials posted on the Website are not intended to amount to advice on which reliance should be placed.

The material on the Website is provided "as is", without any conditions, warranties or other terms of any kind. Accordingly, to the maximum extent permitted by law, Galena provides you with the Website on the basis that Galena excludes all representations, warranties, conditions and other terms (including, without limitation, the conditions implied by law of satisfactory quality, fitness for purpose and the use of reasonable care and skill) which, but for these Terms of Use, might have effect in relation to the Website.

The Website may include forward-looking statements that are based upon our current opinions, expectations and projections.  Galena undertakes no obligation to update or revise any forward-looking statements.  Actual results could differ materially from those anticipated in any forward-looking statements.

Neither the U.K. Financial Conduct Authority nor any other regulatory body has approved or disapproved, passed on or endorsed, the merits of the securities issued by the Funds.  The Website is not intended to provide specific investment advice or to make any recommendations about the suitability of any of the Funds for the circumstances of any particular user. Information on the website is provided on the understanding that you have sufficient knowledge and experience to understand the products and investments concerned.

Past performance is not a guide to the future.  Prospective investors should be aware that the value of their investments and any income produced by them can fall as well as rise. Investment in the Funds carries the risk of potential loss of capital and investors may not get back the value of their original investment.  Where an investment involves a foreign currency, it may be subject to fluctuations in value due to movements in exchange rates.   Opportunities for redemption and transferability of interests in alternative investments are restricted so investors may not have access to capital when it is needed.  There is no secondary market for interests in many alternative investments and none may develop.  Alternative investments are designed only for sophisticated investors who are able to bear the economic risk of losing all of their investment.  Alternative investments:  (i) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide periodic pricing or valuation information to investors; (iv) may involve complex tax structures and delays in distributing important tax information; (v) are not subject to the same regulatory requirements as mutual funds; and (vi) often charge high fees.

Nothing on the Website constitutes investment, legal, tax or other advice.  Prospective investors should evaluate any tax or legal consequences that may arise in their jurisdiction or otherwise impact on them.  If you believe you need assistance in evaluating or understanding any tax, risk or investments issues, you should consult your professional adviser.

While Galena Asset Management endeavours to ensure that the Website is normally available 24 hours a day, Galena shall not be liable if for any reason the Website is unavailable at any time or for any period.

Access to the Website may be suspended temporarily and without notice in the case of system failure, maintenance or repair or for reasons beyond Galena’s control.

You are responsible for making all arrangements necessary for you to have access to the Website. You are also responsible for ensuring that all persons who access the Website through your internet connection are aware of these terms, and that they comply with them.

Linking

Links to third party websites on the Website are provided solely for your convenience. If you use these links, you leave the Website. Galena has not necessarily reviewed all of these third party websites and does not control and is not responsible for these websites or their content or availability. Galena therefore does not endorse or make any representations about them, or any material found there, or any results that may be obtained from using them. If you decide to access any of the third party websites linked to the Website, you do so entirely at your own risk.

If you would like to link to the Website, you may only do so on the basis that you link to, but do not replicate, the home page of the Website, and subject to the following conditions:

  • you do not remove, distort or otherwise alter the size or appearance of the Galena logo;
  • you do not create a frame or any other browser or border environment around the Website;
  • you do not in any way imply that Galena is endorsing or recommending any products or services other than its own;
  • you do not misrepresent your relationship with Galena nor present any other false information about Galena;
  • you do not otherwise use any Galena trade marks displayed on the Website without express written permission from Galena or its licensor;
  • you do not link from a website that is not owned by you; and
  • your website does not contain content that is distasteful, offensive or controversial, infringes any intellectual property rights or other rights of any other person or otherwise does not comply with all applicable laws and regulations.

Galena expressly reserves the right to revoke the right granted here for breach of these terms and to take any action it deems appropriate.

You shall fully indemnify Galena for any loss or damage suffered by Galena or any of its group companies for breach of these provisions.

Liability

Galena, its group companies, any other party (whether or not involved in creating, producing, maintaining or delivering the Website), and each of their officers, directors, employees, shareholders or agents of any of them, exclude all liability and responsibility for any amount or kind of loss or damage that may result to you or a third party (including without limitation, any direct, indirect, punitive or consequential loss or damages, or any loss of income, profits, goodwill, data, contracts, use of money, or loss or damages arising from or connected in any way to business interruption, and whether in tort (including without limitation negligence), contract or otherwise) in connection with the Website in any way or in connection with the use, inability to use or the results of use of the Website, any websites linked to the Website or the material on such websites, including but not limited to loss or damage due to viruses that may infect your computer equipment, software, data or other property on account of your access to, use of, or browsing the Website or your downloading of any material from the Website or any websites linked to the Website.

Nothing in these Terms of Use shall exclude or limit the liability of Galena or any other person for:

  • death or personal injury caused by negligence;
  • fraud; or
  • misrepresentation as to a fundamental matter; or
  • any liability which cannot be excluded or limited under applicable law.

This Legal and Regulatory Notice is governed and construed in accordance with English law.

The English courts will have non-exclusive jurisdiction over any claim arising from, or related to, a visit to the Website, although we retain the right to bring proceedings against you for breach of the terms in the Legal and Regulatory Notice in your country of residence or any other relevant country.

I have read and accept this legal and regulatory notice and the Privacy Policy (including cookies consent).


People


Galena is led by an experienced group of fund managers that bring a deep knowledge of commodity market fundamentals to each of their sectors. Together our managers apply strong strategic insight to our three-pillar approach for liquid trading, credit and real assets

Duncan Letchford - CEO/CIO, Portfolio Manager - Metals Strategies

Duncan Letchford

CEO/CIO, Portfolio Manager - Metals Strategies

Duncan joined Galena in October 2005 as Portfolio Manager of the Galena Metals Fund. He brings a wealth of experience from 22 years trading in the base and precious metals markets. Duncan has held previous posts at HSBC Bank London, as the senior base metals futures trader responsible for hedging the Group’s global metal risk with particular emphasis on corporate, producer and hedge fund trading activities; at N.M.Rothschild, as a Platinum group metals dealer focusing on forward and arbitrage trading opportunities; and at Deutsche Bank London and AIG International Limited London.

Gerard Lynch - COO, Head of Compliance

Gerard Lynch

COO, Head of Compliance

Gerard joined Galena in December 2006 with responsibility for finance, tax, legal, operational and compliance matters. Prior to Galena, he was with the FSA managing a team responsible for the supervision of wholesale market brokers and asset managers. Other responsibilities at the FSA included supporting supervisors in the wholesale firms division with the implementation of the financial rules based on the Capital Requirements Directive.

Gerard holds a Bachelor of Arts (Accountancy) degree from the University of Liverpool. He is a Chartered Accountant and Chartered Member of the Chartered Institute of Securities and Investment. He began his career at Ernst & Young.

Matt Adams - Galena Metals Fund - Portfolio Manager

Matt Adams

Galena Metals Fund - Portfolio Manager

After an internship in early 2007, Matt joined Galena in September 2007. As well as working on the technical models used by the fund, he is developing his knowledge of commodity markets by looking at arbitrage and volatility trading opportunities. Matt is well placed to use his analytical skills gained from his 1st Class Masters degree from Oxford University in Mathematics.

James Burke - Galena Private Equity Resources Fund - Senior Investment Professional

James Burke

Galena Private Equity Resources Fund - Senior Investment Professional

James Burke joined the Trafigura Group in March 2009 and focuses on deal sourcing, due diligence and deal execution. James has 15 years of experience in the mining industry with 13 years of experience in mining corporate finance and is a senior investment professional. Prior to joining the Trafigura Group, he worked in the metals and mining corporate finance division at Standard Bank in both London and Sydney and was also a mineral commodities analyst at AME Mineral Economics in Sydney. He is a board member of Cadillac Ventures.

James has an MSc in mineral project appraisal and a BSc in geology from the Royal School of Mines, Imperial College London.

Patrick Burke - Galena Private Equity Resources Fund - Investment Professional

Patrick Burke

Galena Private Equity Resources Fund - Investment Professional

Patrick Burke joined the Trafigura Group in November 2013 and focuses on due diligence, valuation and financial modelling. Patrick has over five years of experience in finance, of which four have been spent working in the mining sector, with a focus on M&A and project financing in Africa and central Asia. Patrick started his career at Lloyds Banking Group and then moved to N.M. Rothschild, where he first worked in Manchester working on mid-market private equity deals before joining the mining team in London.

Patrick has a double First Class BA(Hons) in History from Emmanuel College, Cambridge University.

Cedric Chone - Portfolio Manager Resource Equities

Cedric Chone

Portfolio Manager Resource Equities

Cedric joined Galena in October 2005 and has 16 years of experience in commodity markets. He moved from his previous post at Banque d’Orsay where he was Portfolio Manager BAREP Commodity Arbitrage Fund, a relative value fund trading a diversified portfolio of industrial commodities on a discretionary portfolio.

Cedric graduated from Ecole des Mines de Nancy in France as a mining civil engineer, and began his career in 1996 at Arcelor (formerly, Usinor Sacilor).

  

Jesus Fernandez - Galena Private Equity Resources Fund - Principal

Jesus Fernandez

Galena Private Equity Resources Fund - Principal

Jesus joined the Trafigura Group in June 2004 and has 15 years of experience in mining investments and financing. He established the Trafigura Group’s mining investment arm in 2005. He is the head of the mining investment team. Jesus is a Board member of a number of companies including Trafigura Group’s mining division, Bowie and Cadillac Ventures. Prior to joining the Trafigura Group, he worked in the project finance team at International Power plc in London.

Jesus has a Master of Science degree (Finance and Investment) from the University of Exeter and a Licenciatura (Economics degree) from the Universidad de Cantabria, Spain.

Nicholas Hanley - Galena Metals Fund – Portfolio Manager

Nicholas Hanley

Galena Metals Fund – Portfolio Manager

Nicholas joined Galena in April 2007, after starting on Trafigura’s metals derivatives desk. He moved to the Singapore office in October 2009 where he gained valuable insight into Asian markets focusing specifically on the Shanghai arbitrage opportunities. He returned to Geneva in October 2012 as a senior trader within the metals team.

Nicholas holds a First Class Masters degree in Engineering from Oxford University.

Grégoire Lamare - Galena Commodity Trade Finance Fund - Investment Analyst

Grégoire Lamare

Galena Commodity Trade Finance Fund - Investment Analyst

Grégoire Lamare joined Galena in July 2010 with seven years’ experience in derivatives markets and commodities operations. He is responsible for operational and risk monitoring on the Galena Commodity Trade Finance Fund.

Prior to joining Galena, Grégoire worked at Société Générale in Paris during six years; he started as middle-officer on structured credit derivatives and then join the commodities financing department to follow up and monitor the operational processes of a trade finance fund invested in credit on commodities.

Grégoire has a postgraduate of Financial and Banking Technical from Paris II Assas and a Master’s Degree in Financial Management from Paris IX Dauphine.

Meron Marcyniuk - Galena Commodity Trade Finance Fund - Credit Risk Officer

Meron Marcyniuk

Galena Commodity Trade Finance Fund - Credit Risk Officer

Meron has over 14 years of commodity and trade finance experience gained during his banking career and ten years experience of working in a commodity trading company and is the Credit Risk Officer of the Commodity Trade Finance Fund. He started his career at National Westminster Bank (nine years), joining Banque Indosuez (nine years) and then moving to ING Barings (five years) before joining the Trafigura Group ten years ago to set up its credit team.

Whilst with the Trafigura Group, Meron was the global head of credit risk management with the function expanding to 13 credit professionals located in four key regional offices across the globe.

After a very successful period as the global head of credit risk management for the Trafigura Group, Meron transferred to become the Credit Risk Officer of the new Fund.

Meron graduated from the University of Leeds in 1977 with an honours degree in physics.

Dmitry Miller - Galena Private Equity Resources Fund - Investment Professional

Dmitry Miller

Galena Private Equity Resources Fund - Investment Professional

Dmitry Miller joined the Trafigura Group in February 2009 and has six years of experience in investment and financial advisory in metals and mining.  Prior to joining the Trafigura Group, Dmitry worked on the metals and mining team in the investment banking division of Goldman Sachs for three years, advising on M&A and IPOs.  He graduated from the London School of Economics with a management degree.

Nick Packman - Galena Metals Fund - Trader

Nick Packman

Galena Metals Fund - Trader

Nick worked for Merrill Lynch and Citigroup before joining Galena in October 2007 in a back and middle office role which provided a good background in the metals markets. He moved to the front office in September 2009 as a junior trader where he continues to expand his market knowledge and trading experience.

Nick graduated from Cardiff University with a Masters degree in economics with a dissertation on gold pricing.

Carlos Pons - Galena Private Equity Resources Fund - Senior Investment Professional

Carlos Pons

Galena Private Equity Resources Fund - Senior Investment Professional

Carlos Pons joined the Trafigura Group in April 2013 and focuses on deal execution and negotiations. Carlos has over 10 years of experience in M&A, investments and financing in mining and natural resources and is a senior investment professional. Carlos started his career at Goldman Sachs and worked in London and Moscow offices where he was involved in numerous merger, acquisition and capital markets transactions. Most recently, he worked for Volga Resources Group as VP for investments and executed mining and infrastructure investments in Russia and Africa. He joined Trafigura from Glencore’s oil department where his main focus was M&A.

Carlos has a BA in Business Administration from the university of ICADE Madrid, Spain.

Nicholas Savidge - Galena Metals Fund - Assistant Trader

Nicholas Savidge

Galena Metals Fund - Assistant Trader

Nicholas joined Galena in 2011 following his experience at Barclays Capital, Landsbanki and HSBC in equity and commodity markets. Progressing from a deals desk role at Galena, he has moved in to the front office where he joins Nick Packman on the execution desk for the base and precious metals markets. Nicholas continues to expand his metals market knowledge and trading experience.

 Nicholas graduated from King’s College London with a BA in Geography.

Maximilian Tomei - Head of Sales and Marketing

Maximilian Tomei

Head of Sales and Marketing

Maximilian joined Galena in August 2011 with 13 years’ experience in commodities and business development in alternative investments.  Prior to joining Galena he was head of marketing and co-head of the executive board at RAM in Geneva. He started his career with Cargill on the corn desk handling the South American origination into the Mediterranean. Maximilian moved to Partners Group in Zug in 2002 to cover the Southern European clientele and customise solutions in the hedge fund and private equity space. In 2004 he co-founded Inoks Capital, a multistrategy commodity hedge fund, assembling momentum and trade finance strategies which he sold in December 2008. 

Maximilian holds a degree in International Relations with a major in International Law from the Graduate Institute of International Studies at the University of Geneva (IUHED).

 

Alexandre Vieira - Galena Commodity Trade Finance Fund - Portfolio Manager

Alexandre Vieira

Galena Commodity Trade Finance Fund - Portfolio Manager

Alexandre joined Galena Asset Management in 2010 as Portfolio Manager of the Commodity Trade Finance Fund.

Prior to joining Galena, he was Senior Relationship Manager in the Trade and Commodity Finance Oil desk of ING Geneva having responsibility for a portfolio of USD1.5bn of credit lines in favour of global trading companies for the financing of physical oil transactions (including traditional transactional finance, borrowing base facilities, pre-payments and non-recourse receivables financing). Alexandre previously spent eight years at Natixis, of which four years were in Sao Paulo where he was responsible for the metals structured finance portfolio.

He graduated from EDHEC Business School (Lille, France) with a specialisation in finance.