BNP Paribas shakes up commodities business

Soulami shifts to green-energy role after 10 years as commodity derivatives chief

bnp-paribas

BNP Paribas has combined its commodity derivatives and foreign exchange businesses, naming Adrian Boehler and Hubert de Lambilly as co-heads of the new division, a source familiar with the situation tells Risk.net.

Boehler was previously global head of sales for the French bank's forex unit, called the FX and Local Markets Group, while De Lambilly was global head of trading. The duo took on their additional duties on August 1.

Amine Bel Hadj Soulami, who had led the bank's commodity derivatives business since 2006, has moved into the newly created role of global head of sustainable investments for global markets, securities services and financial institutions coverage. His new responsibilities will include identifying opportunities for sustainable finance, including green bonds and equity-linked products.

The French bank remains committed to commodities despite the shake-up, according to the source. BNP Paribas declined to comment.

In their new roles, Boehler and De Lambilly report to Olivier Osty, executive head of global markets. Soulami reports to Osty and Patrick Colle, global head of securities services.

JP Morgan appoints commodities head

Jeff Katz has become the new head of JP Morgan's commodities business, replacing Michael Camacho, who has moved to an asset management role, according to a July 19 internal memorandum seen by Risk.net. A spokesperson for the bank confirmed the details of the memo.

Prior to his promotion, Katz oversaw JP Morgan's global oil-trading business. He joined the bank from Goldman Sachs in 2005, initially working as a senior trader in forex options. In 2007, he became a managing director, and co-head of FX option trading in 2010, before joining commodities in 2012.

Camacho, a 25-year veteran of JP Morgan, became global co-head of commodities in 2014, alongside John Anderson, who quit last year to take a job at New York-based hedge fund Millennium Management. Camacho is now JP Morgan's global head of beta strategies.

Wengler takes BMO compliance job

John WenglerVeteran risk manager John Wengler (pictured) joined Bank of Montreal in August as a New York-based vice-president and trading floor supervisor, overseeing regulatory supervision among the firm's commodity derivatives traders. A spokesperson for the Canadian bank confirmed the hire.

Wengler returned to the US earlier this year, after leaving his position as energy risk director at UK-based utility Centrica, where he had worked since 2014. He previously held risk roles at New York-based oil firm Hess and power company Entergy in Louisiana. Wengler is also the author of Managing Energy Risk: A Nontechnical Guide to Markets and Trading, published in 2001.

Glencore's Bertuccio joins hedge fund

Ouray Energy Management, a new hedge fund in Houston, has built out its team with two key hires from Switzerland-based commodity merchant Glencore and Australia's Macquarie.

michael-bertuccioMichael Bertuccio (pictured) joined the fund in July, after leaving his previous role as head of principal investments and origination at Glencore, which he had held since 2014. Bertuccio, who has also worked at JP Morgan and Switzerland-based commodity trader Vitol, will become president and chief operating officer (COO) of Ouray, he confirmed in an interview with Risk.net.

Also in July, Drew Inman joined Ouray as a portfolio manager, focusing on natural gas and power. He had previously been a managing director at Macquarie, based in Houston and specialising in the Texas electricity market. Before joining the Australian bank in 2013, Inman traded power at Citi.

Ouray was founded last year by Vitol veteran Dale Qualls, who worked at the Swiss trading firm between 1999 and 2015, and helped to build out its US natural gas business, as well as its financial oil and gas-trading unit, Vitol Capital Management.

Another Vitol alumnus, Chris Gaskill, is Ouray's lead analyst. Between 2003 and 2010, he was head of market research at Centaurus Energy, the multi-billion-dollar hedge fund led by famed natural gas trader John Arnold.

CEO leaves Danske Commodities

Dirk Mausbeck, chief executive officer (CEO) of Danske Commodities, has left the firm, the Denmark-based trading company said in a statement on August 8.

Mausbeck is the second CEO to quit Danske in less than two years. He joined in January 2015, taking over from Torben Nordal Clausen, who left because of disagreements with the board of directors over the firm's future direction.

Danske's chairman, Peter Ravn, and its founder and vice-chairman, Henrik Lind, will take over Mausbeck's duties on an interim basis while the board searches for a new CEO, the firm said.

Phibro hires Morgan Stanley veterans

Connecticut-based commodity merchant Phibro is hiring two former Morgan Stanley managing directors, the firm said in an August 1 statement.

Joseph Mitchell will become Phibro's chief financial officer. He worked at Morgan Stanley between 1988 and 2004. From 2005–08, he worked for Old Lane, the New York-based multi-strategy hedge fund acquired by Citi in 2007. Between 2008 and 2012, he helped to run Waterville Capital, a Pennsylvania-based investment fund, of which he was a co-founder.

Martin Mitchell is set to join Phibro as COO. He went on leave from Morgan Stanley in June, after spending 23 years at the bank, most recently as COO of its global commodities business. A Phibro spokesman clarified Mitchell will start his new job in September.

Both men will also be partners at Phibro, which was taken over in January by Simon Greenshields, the former global head of commodities at Morgan Stanley.

Ex-Morgan Stanley trio launch advisory firm

Three alumni of Morgan Stanley's commodities business have teamed up to form a boutique advisory firm called Telysium Energy, the firm announced in a statement on August 9.

Telysium, based in Connecticut, will advise clients on power marketing and optimisation. Its founders are Nick Elliott, Julian Ellison and Marco Talamo. Ellison and Talamo are former executive directors in Morgan Stanley's North American power and gas business, according to their LinkedIn profiles. Elliott most recently worked at Phibro, alongside Greenshields, but left in July.

Hoest, formerly of BNP Paribas, starts Asia venture

Gunnar Hoest (pictured), former head of Asia-Pacific commodity derivatives at BNP Paribas, has started a structured commodity finance business in Singapore.

gunnar-hoestClearstar Commodities began doing business in July. Hoest, its managing director, launched the firm with three other founding partners: Mike Scott, who has assumed the role of chairman; and Leroy Lim and Chris Hong, who are both directors. The new venture will "act as a bridge between banks and external investors on [the] one hand, and commodity market participants on the other", Hoest tells Risk.net.

The firm's sister company, Clearsource, is a Singapore-based, physical commodities trading firm, which was launched in 2012 by Scott, who previously worked at Netherlands-based trading house Trafigura.

Hoest left BNP Paribas at the beginning of this year. Prior to joining the company in 2013, he was head of Asia commodities at Deutsche Bank, and earlier he held a similar role at Credit Suisse.

Cofco Agri recruits Deutsche risk manager

Jing Wu, a former risk manager in Deutsche Bank's commodities business, has joined Cofco Agri as its chief risk officer (CRO), according to a source familiar with the situation. Geneva-based Wu started his new role in July.

Cofco Agri is the international agricultural commodities trading unit of Chinese food giant Cofco. The state-owned holding company has owned 100% of Cofco Agri since March, when it bought the 49% stake of Hong Kong-based trading house Noble Group.

Wu left Deutsche earlier this year. He had been global head of commodities market risk management until the German bank wound down its commodities business in 2014. Earlier in his career, he held market risk roles at JP Morgan, Lehman Brothers and Nomura. Wu declined to comment on his move, while Cofco Agri did not respond to requests for comment.

Top Ferc investigator joins law firm

david-applebaumDavid Applebaum (pictured), a senior enforcement official at the US Federal Energy Regulatory Commission (Ferc), has joined Akin Gump Strauss Hauer & Feld as a Washington, DC-based partner in its global energy and transactions practice, the law firm said in a statement on July 19.

Applebaum had worked for Ferc since 2010, most recently as director of the division of investigations in its Office of Enforcement. He was involved in many of Ferc's high-profile market manipulation cases, including its battle with Barclays over allegations that the UK bank manipulated power markets in the western US. Ferc is seeking to collect $470 million in fines and disgorged profits from Barclays, which denies the claims and is fighting them in court.

Correction, August 31, 2016: The article has been amended to give the correct relationship between Clearsource and Clearstar Commodities. Clearsource is a sister company of Clearstar, not its parent, as stated in the original version.

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