End of an era as Masters leaves JP Morgan

Goldman appoints commodities co-head; CFTC's Chilton joins law firm; energy traders flee Barclays; Alan Koh rejoins Morgan Stanley; head of oil trading quits Citi

Blythe Masters, New York-based global head of commodities at JP Morgan, is leaving the bank after 27 years "to take some well-deserved time off and consider future opportunities", according to an April 2 memo to bank employees. Masters will continue working with JP Morgan for several months to help oversee the sale of the bank's physical commodity trading assets to Switzerland-based trading firm Mercuria, says the memo, a copy of which was obtained by Energy Risk. JP Morgan is still determining who will lead its commodities unit following Masters's departure.

Masters joined JP Morgan as an intern in 1987 and rose rapidly through the ranks, taking on a variety of senior roles. Among other accomplishments, she is often credited with pioneering the market for credit default swaps in the 1990s. She took the helm of JP Morgan's commodities business in 2007 and oversaw the bank's transformation into a global commodity trading powerhouse, most notably with its $1.6 billion acquisition of RBS Sempra's global oil and metals business, along with its European gas and power desk, in July 2010. Masters was closely associated with JP Morgan's aggressive push into physical trading – an expansion now being unwound with the sale to Mercuria.

Separately, a New York-based managing director in JP Morgan's commodities group, David Samuels, left the bank in the first half of April, according to a source familiar with the situation. Samuels was JP Morgan's head of commodities financial sponsor coverage, a role in which he oversaw sales of commodity derivatives to private equity firms. Samuels joined JP Morgan in 2005 as a natural gas and power originator, after previously working at Morgan Stanley and Houston-based energy trading firm Enron. It is not known where he is headed.

Goldman appoints commodities co-head

Guy Saidenberg, London-based global head of foreign exchange trading at Goldman Sachs, will become the bank's new global co-head of commodities trading, alongside New York-based co-head Greg Agran, the bank told employees in a March 28 memo. The appointment is effective in June, according to the memo, a copy of which was seen by Energy Risk. Saidenberg, who has been a Goldman employee since 1999, will continue in his role as head of emerging markets trading for Europe, the Middle East and Africa.

His appointment follows the retirement of Goldman's previous London-based global co-head of commodities trading, Magid Shenouda, in late 2013.

CFTC's Chilton joins law firm

Bart Chilton, a former commissioner with the US Commodity Futures Trading Commission (CFTC), began his new job as a Washington, DC-based senior policy adviser with law firm DLA Piper on April 15. He will work with the company's global swaps practice, advising clients on new derivatives regulations stemming from the US Dodd-Frank Act, the firm said in a statement.

Chilton, a Democrat, left the CFTC in March after six years. His tenure at the agency was marked by his outspoken criticism of Wall Street banks and support of new rules to rein in speculation in commodity derivatives, which he argued drove up energy prices and harmed consumers. A colourful character, Chilton was known for working folksy language and allusions to rock 'n' roll into his speeches on derivatives regulation, as well as for his shoulder-length blond hair.

Chilton was nominated to the CFTC in 2007 by former President George W Bush, and re-nominated by President Barack Obama in 2009. Prior to joining the agency, he spent more than two decades working in the US government, often in roles related to agriculture. From 2001 to 2005 he worked as a senior aide to then-senator Tom Daschle, who is now also a senior policy adviser at DLA Piper.

Energy traders flee Barclays

Some of Barclays's top energy traders are leaving amid a contraction of the bank's commodities business. The UK-based bank decided to close its US and European power desks in February. On April 22, Barclays said in a statement that it was exiting the majority of its global commodities business, although it will retain a presence in precious metals, index products, financial oil and financial US natural gas.

Patrick Barouki, London-based head of European power and gas trading, left Barclays in March, according to a source familiar with the situation. Barouki formerly worked at Morgan Stanley, where he was London-based head of European gas trading. Damian Jee, his New York-based counterpart, is also reported to have left the bank. Jee was originally promoted to the role of head of US power and gas trading in mid-2013. Before joining Barclays in 2010, he worked as a director of commodities trading at Credit Suisse.

Barclays declined to comment on the departures.

Alan Koh rejoins Morgan Stanley

Alan Koh will be returning to Morgan Stanley as head of Asia commodities later this year, a bank spokesman says. Koh, a commodity sales veteran, had previously served as head of commodities sales and marketing for Asia-Pacific at the US bank. He left in 2010 to become global head of energy sales for Standard Chartered. Koh reportedly resigned from Standard Chartered in late March. In his new role, he is set to work out of Morgan Stanley's Singapore office.

Head of oil trading quits Citi

Citi's global head of oil trading, Rob Biro, has left the bank. Biro was based in Singapore and joined Citi from Goldman Sachs in September 2010. He joined Goldman in 2001 as a middle distillates trader, after spending 11 years at oil major Shell in Australia.

Citi declined to comment on his departure. Energy Risk understands that Biro has been replaced by Dave Wright, who previously oversaw North American oil trading at Citi in Houston.

Separately, Citi has hired Randall O'Connor to join its oil team, according to a source familiar with the situation. O'Connor was previously a managing director for Morgan Stanley, where he worked on structured transactions, such as supply-and-offtake deals with refiners. He had worked for Morgan Stanley since 2002 and served on the board of directors of TransMontaigne, Morgan Stanley's US physical oil trading subsidiary.

E.on hires new head gas trader

Hans Jonasson, a London-based senior gas trader with Norwegian national oil company Statoil, will become E.on's new director of gas trading and optimisation, the German utility has announced.

Jonasson, who is currently on leave from Statoil, is due to begin his new role at E.on's Düsseldorf headquarters on July 1. He will report to Stephen Asplin, chief commercial officer for power and gas at E.on, and replaces Tom Dittmar, who has left the company, an E.on spokesman confirms.

Jonasson has worked at Statoil since 2005 and is a former head of gas trading at Switzerland-based trader Glencore.

Glencore Xstrata swipes Shell veteran

Richard Fullarton, a senior London-based crude oil options trader at Shell, resigned in mid-April to join Glencore Xstrata, the Switzerland-based commodity trading house. He is set to join Glencore's London office in July, where he will be a senior energy derivatives trader focusing on crude oil and refined products, according to a source. In his new role, he will report directly to Alex Beard, head of Glencore's global oil division.

An Australian native, Fullarton worked at oil major Shell since 2001 – most recently, leading the company's crude and product options book. Prior to joining Shell, he worked at firms including Bankers Trust and Crédit Lyonnais.

Shell declined to comment. Glencore did not respond to a request for comment.

BNP Paribas hires US gas trader

Chris Silva joined the New York office of BNP Paribas in March as head of North American basis and physical gas trading, the bank says. He had previously worked as a senior energy trader at Boston-based Edison Mission Marketing & Trading, a role he held since March 2013. Prior to that, he worked at Societe Generale Corporate & Investment Banking, eventually becoming the French bank's New York-based director of natural gas trading.

Newedge and Atlantic hire brokers

Paris-based broker Newedge has appointed Edward Kevelson as head of US over-the-counter energy. Kevelson, who will be based in New York, will report to Robert Vujtech, global head of energy at Newedge, the company said in a March 24 statement. Previously, Kevelson worked at Deutsche Bank, where he held several senior commodity sales roles and led the North American corporate flow team.

Separately, Kelvin Taaffe joined London-based coal broker Atlantic Brokers on April 1, according to the firm. Taaffe will serve as a director at the company, having previously worked as a coal broker at UK-based Griffin Markets and Icap Energy. Atlantic was launched in February 2013 by Michael Griffin and Tris Simmonds, two former brokers at New York-based GFI, and specialises in European physical and financial coal.