Gunvor Analyst Brebner Leaves as Trader Pulls Back From Metalsby
Former Deutsche Bank analyst joined Gunvor in July 2013
Exit follows departure of metals head Rene Van Der Kam
Gunvor Group Ltd. senior metals and mining analyst Daniel Brebner left the commodity trader following the Swiss-based firm’s decision to exit metals trading.
Brebner, who joined Gunvor in July 2013 and was based in Geneva, confirmed his departure by phone. The former head of metals research at Deutsche Bank AG, who was also a member of the firm’s investment team, declined to say where he will be moving, citing confidential discussions.
Gunvor said last month it was getting out of metals trading amid a global slump in commodity prices and lower profits, as top trader Rene Van Der Kam left the firm. All or most of the company’s metals-warehousing positions were to be liquidated, according to an internal memo obtained in February by Bloomberg. Iron-ore and specialty-ore trading weren’t affected.
Gunvor spokesman Seth Pietras declined to comment on Brebner’s departure in a text message.
“You don’t have people chasing business and pushing down margins and making it more difficult,” Glencore Chief Executive Officer Ivan Glasenberg said on a conference call on Tuesday. “Them leaving the industry definitely opens more space for us and allows our margins to increase.”