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BTG Pactual hires former INTL FCStone trading team

Keywords: Tags  BTG Pactual, INTL FCStone, James Mamone, Ricardo Leiman, trading team, JPMorgan, Deutsche Bank, Noble Group Andrea Hotter

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 AMM.

The Brazilian bank’s 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 JPMorgan’s physical commodities business, although this has never been confirmed by either party.

Chief financial 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 doesn’t operate any commercial banks in the United States, is not subject to Federal Reserve oversight.

The bank didn’t immediately comment.

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