Gresham Investment Management LLC (Gresham) is a pioneer in the institutional investment management of diversified commodity portfolios using long-only tangible commodity futures. Our principal investment strategy, the Tangible Asset Program^® (TAP^®), was initiated in January 1987 and is one of the earliest diversified commodity investment strategies, with a 21-year audited track record.

Founded in 1992 by Dr. Henry Jarecki as an affiliate of The Falconwood Corporation, Gresham's history dates back to the commodity trading activities of Mocatta Metals Corporation, Brody White & Company, and other trading companies Dr. Jarecki established over the past 35 years. Gresham and its affiliates have been managing diversified commodity portfolios since 1976.

Mocatta Metals, founded in 1969 as part of the Mocatta Group, whose precious metals heritage dates back to the 17th century, grew to become one of the world's largest and most versatile bullion trading and finance firms. Mocatta pioneered the trading of options on commodities and, in 1970, was the first commodity trading firm to use a computer-supported trading system. Brody White & Company, founded in 1971, was a full service futures brokerage firm and became one of the largest futures clearing firms in the world.

After the sale of the bullion companies in 1986 to Standard Chartered Bank, Dr. Jarecki turned his efforts to managing investment portfolios. As an early adopter of the portfolio theories of Harry Markowitz and William F. Sharpe, he knew that the best portfolios are the most diversified ones. As a commodity specialist, he understood that commodities represent a core asset class on a par with stocks and bonds. Since there were no investable diversified commodity products available to investors at that time, he developed the TAP methodology.

Gresham was originally established as the investment management firm that provided Brody White's domestic, institutional, and high net worth investor clients with innovative managed futures investment services. After the sale of Brody White & Company in 1995 to Fimat, the brokerage arm of Société Générale, Gresham came to manage the TAP commodity strategy in the investment portfolio of The Falconwood Corporation.

Gresham's Team

Gresham has a highly experienced team of investment professionals. Senior management has been with the firm since the inception of TAP in 1987. Our research and trading departments are dedicated to analyzing commodity markets and improving the characteristics of TAP as a diversified commodity methodology.

Gresham is registered as an Investment Adviser with the Securities and Exchange Commission and as a Commodity Pool Operator and Commodity Trading Advisor with the Commodity Futures Trading Commission. For Gresham's current assets under management, please see Investing with Gresham.