Singapore-based trade finance fund EFA Group is to take over as investor manager of Galena Asset Management’s commodity trade finance fund.

The fund was set up in 2010 by Galena, a subsidiary of Trafigura, to invest in mid-term structured trade and commodity finance transactions originated by banks and traders. Since then, it has generated on average 5% returns per month, without any negative months.

The change gives the Galena fund access to the EFA (formerly Eurofin Asia) network in Asia, with Galena CEO Maximillian Tomei saying: “The process attracted interest of several parties but after careful consideration we have come to a unanimous decision that EFA is the right fit to manage the fund. EFA is an experienced manager whom we have known for a long time and trust to successfully continue the fund’s activities

The fund’s existing portfolio manager, Alexandre Vieira, and investment analyst, Gregoire Lamare, will join EFA Group.

EFA chief executive Francois Dotta says: “Our aim over the next few years is to provide our investors access to the whole spectrum of trade finance solutions. The fund serves as another entry point for investors to gain exposure to the asset class but through a different universe of borrowers.

“While our existing fund vehicles focus on transactional, short-term lending to mid-market companies, the fund specialises in syndicated loans alongside banks and large traders on a global reach. The very complementary nature of these strategies will bring substantial synergies and long-term value for our investors.”