RBC creates new base metals team

RBC Capital Markets has hired a new base metals team to take advantage of the demand for metal futures and options.

The three-man team joins RBC from Cargill Investor Services (CIS), which was acquired by Refco in June this year. Alex Heath, who will lead the team, was a senior broker and global head of metals at CIS. Working for him will be Randy North, previously a CIS senior structurer on the base metals desk, and Allan Bailey, a senior London Metals Exchange broker.

RBC said the team will be developing hedging strategies for clients exposed to base metal prices, and identifying trading opportunities for investors such as hedge funds.

The team will be based in London, and Heath will report to Jason Henderson, RBC's global head of foreign exchange derivatives and precious metals.