Morgan Stanley LNG traders leave for Glencore - sources
LONDON, June 6
LONDON, June 6 (Reuters) - Morgan Stanley's four-person team of liquefied natural gas traders in London and Singapore are leaving the bank to join commodities giant Glencore Xstrata, industry sources said on Thursday.
Three of the traders are based in London and one is based in Singapore, three sources with knowledge of the move said.
Morgan Stanley and Glencore declined to comment.
It is rare for banks to have active LNG trading desks and Morgan Stanley's team was seen as a big strength of its commodities trading division.
Morgan Stanley has been particularly active trading LNG into Argentina and Spain in recent years.
Morgan Stanley CEO James Gorman hinted in October at a possible sale of the bank's multibillion-dollar oil trading arm that handles energy and some metals trading.
He said Morgan Stanley had an obligation to explore "different structures" for those units because of new U.S. regulations limiting their activities.
Glencore, one of the world's biggest commodity traders, is trading gas and has been looking to expand its LNG business.