Fortis expands commodities teams with UBS hires

Belgian-Dutch bank Fortis is expanding its commodity risk group with the hire of a metals team from UBS.

The bank has recruited John Ervasti and Alistair Watson as co-heads of base metals risk. Ervasti will be based in New York, heading the newly created US base metals team. He was previously a metals market trader at UBS in New York. Watson will head the team in London.

Three more ex-UBS traders will work for Ervasti – Michael Lagana, Michael Purdy and Michael Carpenter. Three others are joining the London team under Watson – Andrew Marsh, Matthew Campbell and David Morgan.

Both Ervasti and Watson will in turn report to the head of base and precious metals, John King.

The bank has also recruited Ian Tyler to establish an over-the-counter business in agricultural commodities. More hires are expected in this area.