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London-based managed futures specialist Mulvaney Capital Management has announced the appointment as chief legal officer of Alistair McNaughton, who was previously deputy head of legal at Threadneedle and held senior legal positions at Merrill Lynch, Morgan Stanley and Hill Samuel.

'Moving to Mulvaney is a great opportunity for me personally and also underlines Mulvaney's commitment to developing its business and strengthening its support functions,' McNaughton says. 'I am joining a fund manager with a talented team, an investment strategy with strong long term performance and the prospect of significant growth and success.'

'We are very pleased to welcome Alistair to our growing team,' says the firm's founder and chief investment officer Paul Mulvaney. 'We are committed to growing our business from a robust and stable platform. Alistair brings a wealth of legal, regulatory and business experience from leading institutions, and he will play a leading role in the further development of Mulvaney's business.'

The Mulvaney Global Diversified Program identifies and captures long-term trends in diverse financial and commodities futures markets. The programme can be accessed via either managed accounts, which have a minimum investment of USD5m, or the Mulvaney Global Markets Fund, which has a minimum investment of USD100,000.

Between the launch of the program in May 1999 and the end of September this year, the fund has achieved an average annual return of 14.36 per cent, surpassing the performance of the Barclay BTOP50 Managed Futures index.

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