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Glencore's Ng joins Standard Chartered's oil products team
November 6, 2012 / 11:02 AM / 5 years ago

Glencore's Ng joins Standard Chartered's oil products team

* Ng to head oil products team at the bank - industry sources

* Bank expanding metals team

* Could signal bigger presence in physical market

By Jessica Jaganathan

SINGAPORE, Nov 6 (Reuters) - Veteran middle distillates trader Terrence Ng, who was previously with commodity giant Glencore, has joined British Standard Chartered Bank Plc’s oil products team, the company said on Tuesday.

The trader left Glencore in June after working there for about 10 years. He has also previously worked with ExxonMobil, industry sources said.

“We can confirm that Terrence is on board,” a Standard Chartered spokesperson said on Tuesday.

Industry sources said that the trader joined the bank as head of its oil products team this week and joins Jarod Zhang, who trades middle distillates.

There are at least three other traders with the bank’s Asian division, trading naphtha, crude oil and fuel oil, the sources added.

“It’s an interesting move as (Ng) was more a physical trader and has never really traded in a bank before,” a Singapore-based trader with a bank said.

With Ng as the latest addition to its team, the bank is likely expanding its energy team and could signal its expansion into the physical oil markets, traders said.

Standard Chartered has also been expanding its metals team.

It hired Tim Wilson in Singapore as global head of commodities sales from JP Morgan in June, making at least five hires this year.

It also hired physical metals dealer Robert McMillan from Macquarie.

The bank’s commodities trading unit may post a double-digit growth in 2012, as it boosts its share in the Asian market while the global financial crisis forces rivals to pare down operations in the region, Cyril Youinou, StanChart’s global head of oil trading has said.

StanChart, which saw a 63 percent jump in commodities revenue in 2011, started physical trading in oil and metals in 2010. It has seen its Oman crude trading volume on the Dubai Mercantile Exchange rise by 50 percent in the first quarter of 2012 from the same period a year ago, he said.

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