LONDON (Reuters) - Roger Jones, global head of commodities at Barclays Capital (BARC.L), will leave the bank shortly to become the head of non-oil operations at Swiss trader Mercuria, industry sources said on Friday.
Jones, who has been at Barclays for a decade, has long experience at a string of influential trading houses and worked with the co-founders of Mercuria Energy Trading, Marco Dunand and Daniel Jaeggi, at Phibro.
Mercuria, founded in 2004, has expanded rapidly from its base in crude and oil products trading and has now an annual turnover of around $80 billion with operations in energy, metals and other commodities.
Geneva-based Mercuria is one of the world’s top five energy traders and says it moves almost 120 million tonnes of oil, coal and gas a year.
“Mercuria has been looking for world class senior manager for some time and Jones looks like a good fit,” said a senior industry source, who declined to be identified.
The source said Jones would “effectively be number three” at Mercuria, with a wide-ranging brief to help expand the trading company’s operations in non-oil commodities.
Mercuria announced on Thursday a major expansion into base metals with new trading units in London and Shanghai and up to 15 new hires, recruiting Ben Green and Liam Brown, both previously senior metals traders with Goldman Sachs commodities group.
Mercuria’s metals trading groups is expected to focus primarily on copper, aluminium, zinc, nickel, tin and lead, with activity in the London Metals Exchange (LME), New York Mercantile Exchange (NYMEX) and Shanghai.
A spokeswoman for Barclays Capital declined to comment on the report.
Reporting by Christopher Johnson, editing by William Hardy