Deutsche Bank to lose commodities head

Silbert expected to depart Deutsche Bank; Constellation loses power trading head; Goldman appoints Asia-Pacific trading head; ex-Duet duo launch commodities fund; FSA regulator joins FOA

David Silbert is expected to leave his role in London as global head of commodities at Deutsche Bank, Energy Risk has learned. It follows a scaling back of the bank's US power and gas business, as well as the departure of Gunnar Hoest in September, who reported to Silbert as head of commodities for Asia.

Silbert joined the bank in 2007, having previously worked as London-based European head of commodities at Merrill Lynch. He joined the firm after serving as European president at Entergy-Koch – a joint venture between New Orleans-based Entergy Corp and Wichita-based Koch Industries – before its acquisition by the investment bank in 2004. Before that, he headed Entergy-Koch's gas trading operation in the northeastern US.

Hoest joined Deutsche Bank in June 2010, having previously worked as head of Asia commodities for Credit Suisse. He began his career as a derivatives trader for the Swiss bank in New York, moving to Hong Kong as head of emerging market credit derivatives and exotic trading, before taking on the role of head of Asia commodities in 2006. Hoest's exit from the bank was originally reported in Asia Risk, a sister publication of Energy Risk.

The moves come as Deutsche Bank tries to reduce the bank's overall headcount by 1,900 positions globally – part of a wider strategy to reduce costs by €4.5 billion ($6 billion) annually and significantly reduce its risk-weighted assets under Basel III.

In addition to the departure of key members of its commodities business, the bank has also lost Nigel Robinson, head of mergers and acquisitions (M&A) for natural resources in Europe. Robinson joined the bank's London office in 2007, having previously worked on cross-border M&A at Goldman Sachs for eight years. Most recently, he worked on the merger of Swiss mining firm Xstrata and commodity trader Glencore.

Deutsche Bank declined to comment on the departures.

Constellation Energy loses power trading head

Scott Mackle, the head of power trading at Baltimore-based Constellation Energy – a unit of Chicago-based Exelon – has left the firm. Mackle was appointed vice-president for proprietary trading, power and weather when the two companies merged in March 2012. Prior to joining Constellation in 2011, Mackle was a partner at FSM Capital, a Connecticut-based energy hedge fund, and also held roles at Goldman Sachs and JP Morgan.

Constellation declined to comment on the matter.

Goldman Sachs appoints Asia-Pacific trading head

Goldman Sachs has hired Quek Chin Thean as head of Asia-Pacific commodities trading. According to an internal memo, Quek will assume his new role in March and operate from the bank's Singapore branch.

He was previously chief executive at Brightoil Petroleum, a Hong Kong-based oil and products trader, but left in November 2012 as the firm's profits tumbled. Prior to that, he served as global head of fuel oil at oil major BP for 12 years. In his new role, Quek replaces Karl Robijns, who recently relocated to London to become head of global agriculture and oil trading.

Ex-Duet duo launch commodities fund

Following their departure from the Duet Commodities Fund, Tony Hall and Arno Pilz are joining forces to launch Hall Commodities, a London-based commodity hedge fund.

Hall helped set up the Duet fund, which was launched in 2011 under the umbrella of London-based alternative asset manager Duet Group. He served as chief investment officer, while Pilz was a portfolio manager. However, both were reported to have left in June last year after the fund suffered losses.

Before joining Duet, Hall served as global head of middle distillate oil trading at the Credit Suisse/Glencore alliance, while Pilz worked at UBS, where he was global head of metals trading.

Sources say Hall Commodities is expected to launch on May 1.

FSA regulator joins FOA

Natasha Stromberg, a former risk and regulatory specialist at the UK Financial Services Authority (FSA), is joining the Futures and Options Association (FOA) as a London-based manager in the industry group's regulation team.

During her time at the FSA, Stromberg worked within the regulator's derivatives market infrastructure unit, where she acted as lead supervisor for the London Metal Exchange. She also served as the policy lead for global commodity market regulation.

In her new role, she reports to Kathleen Traynor, the FOA's London-based executive director of regulation.

BAML names Asia commodities heads

Bank of America Merrill Lynch (BAML) has named Michael Slater and Colin Toh as co-heads of Asia-Pacific commodities. Both have been tasked with expanding the bank's commodity derivatives and structured products business.

Slater previously held roles in commodities trading in Asia at investment banks Lehman Brothers and Standard Chartered, before joining the US investment bank in 2010 as head of Asia-Pacific commodities trading. Toh returned to BAML in June 2012 as head of Asia-Pacific investor solution sales and structuring, having originally worked there before leaving to serve in a structuring role at Goldman Sachs.

In their new roles, Slater will be based in Singapore, while Toh is set to operate from Hong Kong. The two co-heads replace Benjamin Tsai, who exited the bank in December 2012. Tsai was a veteran of BAML, having originally joined Merrill Lynch's structured equities business in Tokyo during 2001.

Trafigura takes EDF coal head

Geneva-based commodity trader Trafigura has hired Matthew Vincent to work as a Connecticut-based coal trader at the firm. Since 2009, Vincent has served as head of US coal trading for EDF Trading, the trading arm of Paris-based energy firm EDF. Prior to EDF Trading, he was head of US coal trading and derivatives for Constellation Energy and has also worked as a senior trader for Maryland-based PG&E Energy Trading.

E.on Energy Trading recruits power and carbon head

The trading arm of German utility E.on has hired Kevin Watler as director of power and carbon trading. Since 2004, Watler has served as the vice-president of energy trading at Detroit-based DTE Energy Trading. He previously worked for Reliant Energy Trading & Marketing in Houston and the Netherlands as a senior power trader and director of asset trading and optimisation.

In his new role, Watler will be based in Düsseldorf and report to Gareth Griffiths, E.on Energy Trading's chief commercial officer for merchant trading. Watler replaces acting director Fredrik Ohrneman, who now serves as the firm's head of business development for merchant trading.

Morgan Stanley appoints Asia commodities head

Chark Hoe Tan is set to replace Harry Soh as Morgan Stanley's head of Asia commodities. Tan takes on the role following Soh's retirement, in addition to his current job as head of Asia oil sales and trading in the bank's Singapore office. Prior to joining the US bank in 2000, Tan held various roles in supply, trading and refining at oil majors Shell in Tokyo and Total in Geneva.

KI Energy Trading swipes Vattenfall traders

The Polish energy trading unit of Luxembourg-based Kulczyk Investments (KI) has hired four power traders from Stockholm-based utility Vattenfall. Marek Krzysteczko, Marcin Gwarda, Piotr Choruży and Michał Kukurba have all joined KI Energy Trading in Warsaw. As head of trading, Krzysteczko will lead the team and will report to Arkadiusz Zieleźny, managing director of KI Energy Trading. Initially, the team will only trade Polish electricity, but a Warsaw-based spokeswoman for KI Energy Trading says the firm is also considering trading other energy products.

Macquarie hires in gas and power

Australian bank Macquarie has added Suthagar Rajeswaran to its gas and power operations team in London. Rajeswaran's role includes day-to-day scheduling and portfolio optimisation for the bank's European gas and power book. He was previously at BNP Paribas in London, where he worked as an analyst within the firm's commodity derivatives business covering gas, power and carbon.

Northlander Commodity Advisors recruits trader

Northlander Commodity Advisors, a London-based hedge fund set up by former Barclays power trader Ulf Ek, has hired Luis Adrian Mancebo Lomeli. He previously traded power, coal and carbon for Constellation Energy and has also held energy trading roles at Vattenfall, Connecticut-based Sempra Energy Trading and Houston-based energy giant Enron. His return to energy trading comes after a four-year hiatus during which he established Lamca, a real estate investment business in Brazil.

Castleton Commodities adds gasoline trader

Castleton Commodities International, the Connecticut-based commodities merchant formerly known as Louis Dreyfus Highbridge Energy, has hired Veronica Veliz as a gasoline trader. Veliz joins from Astra Oil, a Houston-based oil trader, where she held a similar role.

Standard Bank appoints new commodities heads

Johannesburg-based Standard Bank has named Jim Coupland and Mark Buncombe as co-heads of global commodities. Coupland previously headed base metals at the bank, while Buncombe was previously head of the firm's commodities business in South Africa. In their new roles, Coupland and Buncombe will continue to be based in London and Johannesburg, respectively. The two replace Bruce Garner, who left his role as Standard Bank's global head of commodities in November.

StanChart hires oil and gas banker

London-based investment bank Standard Chartered has hired Sheldon McDonough as head of oil and gas in Canada. McDonough joins from Toronto-based dealer Dundee Capital Markets, where he was a director of energy investment banking. In his new role, he will be based in the bank's Calgary office and will work in the advisory business. He reports to Sheldon Stoughton, head of oil and gas corporate finance.