LONDON, June 6 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.