NEW YORK Grupo
BTG Pactual SA has boosted its metals activities further by
hiring a physical trading team led by James Mammone, formerly
of INTL FCStone Inc., sources familiar with the matter told
banks team, which left INTL FCStone in May, started at
BTG Pactual in Stamford, Conn., and Shanghai earlier this
month. They will trade refined and scrap metal.
BTG Pactual enters
commodities as regulatory and political pressures have
encouraged a number of major investment banks, including
JPMorgan Chase & Co. and Deutsche Bank, to exit or curb
activities in the sector. It has already made a number of hires
as it builds out its commodities business, including former
Noble Group chief executive officer Ricardo Leiman.
It has also been
suggested that it would potentially be interested in acquiring
JPMorgans physical commodities business, although this
has never been confirmed by either party.
officer Marcelo Kalim said in August that it wanted to
"leverage (its) presence" in commodities, although he declined
to provide any details.
Its ambitions in
physical commodities have also become more apparent. In August,
the bank hired warehousing executive Shon Loth in London, and
in October and November applied for licenses to trade physical
and financial commodities, as well as to operate warehousing
units in the United States.
BTG Pactual, which
doesnt operate any commercial banks in the United States,
is not subject to Federal Reserve oversight.
The bank didnt