Castleton Said to Hire Metals Traders to Grow Asia Businessby and
Firm hires former Morgan Stanley, Gunvor traders in Singapore
Expansion comes as rivals retreat or exit metals trading
Castleton Commodities International LLC hired two metals traders to expand its operations in Asia, according to people familiar with the appointment.
Saurabh Sharma, who previously worked at Morgan Stanley, will trade industrial-metals derivatives and be based in Singapore, said the people, who asked not to be identified because the information hasn’t been made public. Cai Min, formerly with Gunvor Group Ltd., was hired to trade physical metals, they said.
Mike Geller, an external spokesman for the company, declined to comment on the hires.
Castleton, a longtime energy trader, has been growing its metals business since hiring former JPMorgan Chase & Co. executive Peter Sellars a year ago to lead the division. The company is one of the few firms expanding in metals at a time when most are cutting exposure amid sluggish Chinese demand and sliding prices.
Gunvor said last month it was getting out of metals trading and its top trader Rene Van Der Kam left the firm. Morgan Stanley is also cutting most of its industrial-metals trading business. Before Morgan Stanley, Sharma also worked for HFZ Capital Management Ltd., a joint venture of U.K. hedge fund Red Kite Management Ltd. and Maike Metals International, a Chinese metals trader.