Goldman hires new co-head of commodities trading


Goldman Sachs has hired Mercuria’s Jeremy Taylor as a partner and co-head of global commodities trading, according to an internal memo obtained by and confirmed by a bank spokesperson.

Taylor will join Goldman Sachs in August and work alongside Ed Emerson, who is expected to become the bank’s other co-head of global commodities trading, the memo said.
Both men will be based in New York and will report to Greg Agran, Head of Commodities.
Taylor had worked at Mercuria since 2009, where he was responsible for electricity and gas in the United States.
He left in May, according to a source close to the Swiss commodities
exchange house.

Previously, he was Head of North American Commodities Trading for Bank of America Merrill Lynch. He began his career at Kansas-based Koch Industries in 1995.
Emerson was named global head of oil and commodities trading at Goldman last year. He joined the bank in 1999 as an analyst, and was promoted to managing director in 2008 and partner in 2012.

“With their complementary experiences, Jeremy and Ed will focus on advancing our position as the market-leading franchise at this critical stage in the commodities cycle,” the memo reads.

Taylor’s resignation from Mercuria follows other senior exits from the trading house. Brent Trefz, his former head of physical natural gas trading for the United States and Mexico, left in April. He joined Wells Fargo as a physical gas trader.

Mercuria declined to comment.

Price reporting guru Montepeque joins Eni

Eni Trading & Shipping (ETS), the London-based trading arm of Italian oil and gas multinational Eni, hired Jorge Montepeque in May as senior vice president of origination.

A spokesperson for Eni confirmed Montepeque’s appointment, but declined to comment further.

London-based Montepeque is best known as the creator of the market close (MOC) technique, used by New York-based pricing agency Platts to publish price assessments for Brent crude oil. from the North Sea and many other commodities.

Originally from Guatemala, Montepeque moved to the United States and joined Platts in 1988. In 2002, he was promoted to global head of market reporting and relocated to London.
In 2014, he won an Energy Risk Lifetime Achievement Award for his role in developing and promoting the MOC process. He left Platts at the end of last year.

ETS, which employs 400 people worldwide, trades in crude oil, refined products, natural gas, electricity and environmental products. It is currently working to develop its presence in major shopping centers in London, Houston and Singapore.

Montepeque is expected to contribute to the unit’s strategy by leveraging its experience in commodity markets to build relationships with customers, a source familiar with the company said.

BNP Paribas hires a former Mercuria trader

Benno Guenther, a former London head of structured products and options trading at Mercuria, has joined his former employer, BNP Paribas, in a similar role. The French bank confirmed that Guenther joined in April.

Guenther first worked at BNP Paribas as a London-based equity derivatives trader between 2006 and 2007. He then took up employment at JP Morgan, where he held various positions over the next six years, most recently as head of structured products for electricity and gas and options trading for Europe, the Middle East and Africa.

In 2014, Guenther joined Mercuria when the Swiss-based commodities trading house acquired the physical commodities business of JP Morgan. He left Mercuria late last year, according to a source familiar with the matter.

EDF Trading recruits the top derivatives trader

EDF Trading, the London-based trading arm of French multinational EDF, has rehired Morgane Trieu-Cuot (pictured) as head of derivatives trading. The firm confirmed the appointment, which will take effect in June, in a press release.

Trieu-Cuot originally joined EDF Trading in 2004, and spent more than a decade with the firm as a senior energy derivatives trader, helping to develop its flexible asset servicing business, which structures risk management solutions for energy assets owned by EDF, as well as third-party customers. She left the company in August 2015 to join BP as a senior commodities trader based in London.

Trieu-Cuot will be based in London and will report to Marcello Romano, head of European trading at EDF Trading. His responsibilities will include pricing and modeling methodology, derivatives trading and strategy.

US refined products trader leaves Barclays

Steven He, assistant vice president of U.S. refined petroleum products trading at Barclays in New York, left the bank in April after nearly five years, according to a source familiar with the matter.

At Barclays, he was responsible for trading in distillates, gasoline and heating oil, according to the source. It is believed that the trader will join Switzerland-based Vitol after his departure.

A Vitol spokesperson was unable to confirm his appointment after checking the company’s internal directory.

Barclays declined to comment.

In 2014, the UK bank announced a major withdrawal from the commodities markets, retaining a presence only in precious metals, oil derivatives, US natural gas derivatives and index products. He has since suffered a wave of departures, including Americas commodity sales manager Troy Black, who left for Wells Fargo last year.

ABN commodities chief quits to set up fintech fund

Jan-Maarten Mulder, global head of commodities at ABN Amro, is expected to leave the Dutch bank in June to set up his own venture capital fund, an ABN spokesman said.

Mulder would exit the commodities sector to invest in financial services technology.

Prior to joining ABN Amro in 2013, Mulder worked as global head of corporate finance for Netherlands-based global commodities trading company Trafigura.

Ex-NRG chief Crane joins private equity firm

david-crane-pegasusPegasus Capital Advisors, a New York-based private equity firm, announced in April that it has hired David Crane, the former CEO of NRG Energy.

Crane, who was chairman and chief executive of New Jersey and Texas-based NRG between 2003 and 2015, was kicked out by its board of directors in December amid investor dissatisfaction with the company’s financial performance. business.

A strong advocate of green energy and the need for traditional utilities to reinvent themselves, Crane had pursued a renewable energy strategy at NRG, investing in residential solar power and making substantial acquisitions in wind power. . Before joining the American electricity company, he worked for the British production company International Power, which is now part of the French Engie, and for Lehman Brothers.

At Pegasus, Crane will work on projects related to sustainable distributed energy, the private equity firm said in an April 22 statement. He will report to Pegasus CEO Craig Cogut.

Noble hires former Glencore LNG originator

Hong Kong-based commodity trading company Noble Group hired Lou Montilla as London origination manager for liquefied natural gas (LNG) in April, according to a source close to the company. The appointment comes as Noble rebuilds its LNG office after the departure of two co-directors earlier this year.

Previously, Montilla worked for Swiss commodity trading firm Glencore, but quit in recent months. He was at Morgan Stanley before joining Glencore in 2013.

In his new role at Noble, Montilla will report to Gareth Griffiths, the company’s London-based global head of power and gas. He will work on long-term origination and business development initiatives, with a focus on structured products and new markets, the source said.

Noble and Glencore declined to comment.

Citi loses a natural gas trader and gains another

In recent weeks, Citi has hired Rob Famulare to head natural gas trading, based in Houston, says a source close to the firm. He joins Bank of America Merrill Lynch.

Meanwhile, JW Boyden has resigned as Houston-based Nymex natural gas trader at Citi, the source said.

Citi declined to comment.


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