March 21 (Bloomberg) -- Amer International Group, owned by Chinese billionaire Wang Wenyin, set up a company in Singapore to expand metals trading and to buy global mining assets.
Felipe Williams joins the trading team at the end of this month from Glencore Xstrata Plc as head of non-ferrous metals, said Lim Ying Ying, general manager of Awin Resource International Pte, the Singapore operation. That brings the number of people in the trading group to 14, said Lim, 39, who started in August after 17 years at Louis Dreyfus Commodities.
Amer adds to companies such as Mercuria Energy Group Ltd. and Gunvor Group Ltd. who are building their commodity business as banks cut back because of tighter regulations. JPMorgan Chase & Co. is selling its physical commodities unit to Mercuria for $3.5 billion, the New York-based bank said on March 19, ending a five-year foray into owning and storing raw materials.
“We’ll also explore opportunities to expand into energy and agri trading in the next five years,” said Lim. Awin hired Carene Teo as head of ferrous metals and Ivan Poon to run derivatives and hedging, she said. Teo was previously at Standard Bank Plc and Cargill Inc., while Poon was at Cargill and Noble Group, she said.
Amer, founded in 1994 by Wang, is involved in power cable and copper-product manufacturing, and copper and tungsten mining in China, its website says. Amer is based in Shenzhen and Awin Resource is wholly owned by Amer International Group in China, said Lim. Teo and Poon said they’re working at Awin. Williams didn’t reply to an e-mail seeking comment.
Copper for delivery in three months on the London Metal Exchange climbed 0.4 percent today to $6,457 a metric ton.
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