About Drakewood

A specialist metals manager with a highly experienced and well-connected team.

With a presence in London, New York and Singapore, our team brings together many decades of expertise from across the metals market, from physical trading, derivatives and asset management to mining and downstream industry. With strong networks and a global presence, we are well-positioned to identify and capture opportunities.

Drakewood Capital Management Ltd is the investment manager of the Drakewood Prospect Fund.
Authorised & Regulated by the Financial Conduct Authority (FCA) – Firm Reference Number 826632. Registered with the Commodity Futures Trading Commission as a Commodity Pool Operator (CPO) and a Commodity Trading Advisor (CTA), and a member of National Futures Association (NFA).


Investment Team

Team of four portfolio managers led by David Lilley and Greg Buechele.

David Lilley


David has a multi-decade career in metals trading, including 14 years at Red Kite Capital Management, where he was a founding partner with joint responsibility for strategy and operations, and roles at Metallgesellschaft / Enron Metals and Cargill.

Greg Buechele

New York

Greg has over 18 years’ experience in metals and commodity markets, most recently as PM at Balyasny Asset Management and previously as Senior PM and Head of Metals Trading at Carlyle’s Aeris Fund and as commodities trader at Goldman Sachs.

Tim Watkin


Tim has over 20 years’ experience spanning metals, equities and global macro. He was a senior PM at Ruffer LP, built and managed a UHNW/HNW business at HSBC Private Bank (UK) and has also built and managed a US equity hedge fund.

Joel Parsons


Joel has over 10 years’ experience in metals and mining, including seven years at BHP covering iron ore sales, Chairman’s Office and M&A roles and three years at Macquarie, focusing on corporate finance in the natural resources sector.

Operations Team

Team of 11 led by Alan Spangler and Charles Davis.

Alan Spangler


Alan has 20 years’ experience in global industrial financial, business development and M&A roles for GE and Rolls-Royce, and for the past 10 years in the metals industry as founder of Xenmet SA operating at various times a physical trading desk, metals-centric brokerage and metals storage operations.

Charles Davis

Operations & Human Resources, Company Secretary

Charles has over 40 years’ experience in futures markets across back office, middle office and compliance. He has worked for Ring Dealing Members and investment banks in London & Sydney, where he was head of operations for commodities and FX.

Drakewood Prospect Fund

Aims to exploit long-term trends in the metals market, including the transition to a low carbon economy.

The fund aims to deliver double-digit returns while controlling volatility. It takes long and short exposure to base, ferrous and precious metals, primarily via futures and options. The managers take a discretionary fundamental approach, informed by their in-depth knowledge of the metals market, including physical and derivatives trading, mining and downstream industry. This strategy is also available via managed account.

There is a substantial risk of loss in trading futures and options. Past performance is not necessarily indicative of future results.

Investment Restrictions: - investors in the fund must be Qualified Eligible Participants as defined under CFTC Regulation Section 4.7

For more information please complete the form below.

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US Investors: Only 4.7 QEPS should complete the contact information.

Non-US Investors: Only Institutional and Professional investors should complete the contact information.

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    There is a substantial risk of loss in trading futures and options. Past performance is not necessarily indicative of future results.