CORRECTED - CORRECTED-Over 20 oil traders in Asia switch jobs since mid-yr

(In Nov 11 story, corrects paragraph 9 to show that Muwaffaq Salti is with Mandara Capital and not Saxon Capital; adds paragraph 10 giving his designation and a description of the company's activities)

* Movements fuelled by signs of recovery and market optimism * Hirings not limited to trading firms, but also hedge funds

* Despite signs of risk, opportunities abound

By Yaw Yan Chong

SINGAPORE, Nov 11 (Reuters) - The unseasonal round of head-hunting in Asian oil and commodities trading firms that began some months ago as the market recovers, has gathered pace as more people switch jobs, trade sources said on Wednesday.

More than 20 traders have moved from one lucrative position to another since June, including the four senior traders who left their high-profile jobs three months ago, the sources said.

Some companies are expanding into new areas, reflecting that steady recovery after nearly a year of turmoil.

"People have been steadily moving about since the middle of the year," a Singapore-based Western trader said.

"The 20 guys are just the mid-level to senior traders. There are more people such as junior operations personnel and marketing staff who also moved around."

U.S.-based World Fuels Services, one of the world's top brokers for marine fuels, has set up a cargo trading desk for fuel oil and middle distillates and hired Yew Teng Leong, formerly managing director of Noble Group's oil trading desk, to head it.

"While there are still shops that are not doing well and some even closed, like Petro-Diamond's risk outfit, the general mood is that things are improving and there are more good news than bad ones," the trader added.

October was also the best month, in terms of volumes and profitability for some Over-The-Counter (OTC) oil brokerages in Singapore.

HEDGE FUNDS ALSO HIRING

The hirings were not limited to traditional oil trading firms such as physical traders and banks, but also hedge funds. These include London-based Mandara Capital, which hired Muwaffaq Salti, formerly global head of JPMorgan Chase's fuel oil trading team.

Salti said he is the CEO and Managing Partner of the company, which is currently setting up infrastructure to trade oil derivatives.

Physical oil companies are also growing -- Russia's LUKOIL will expand its business, particularly for fuel oil and naphtha, despite seeing departures of five senior traders for other firms, said Gati al-Jebouri, CEO of its trading arm.