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 funds. Armajaro is run by Anthony Ward and employs over 1000 people through its subsidiary companies.[1]
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.[2]
Armajaro Group was founded by Anthony Ward and Richard Gower in May 1998. That November, Armajaro Securities Ltd gained Financial Services Authority 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.[3][4] 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.[5]
On July 17, 2010, Armajaro purchased 240,100 tonnes of cocoa.[6] 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).[7] 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.[3][8]