HOUSTON (Reuters) - Global commodities trader TrailStone Group in recent days has downsized its U.S. and European offices, three sources said on Friday, just weeks after the private-equity backed firm reshuffled its top leadership.
The company has let go around 20 people across its offices in Austin, Texas, London, among others, according to the sources, who could not be identified because the matter was not public. That cuts represented about 15 percent of its global headcount.
Among the departures included two physical crude traders and a number of financial traders, they said.
TrailStone officials in New York and London could not be reached for comment.
The move comes after a reshuffling of management at the top of the firm. In recent weeks, sources said that John Redpath, a senior partner and head of the liquids agriculture business at TrailStone, was succeeding David Silbert, previously senior partner and chief executive.
Between 2007 and 2013, Silbert was the managing director and head of Deutsche Bank’s global commodities business. During those years, Redpath was Deutsche Bank’s managing director and global head of oil and agriculture trading, according to TrailStone’s website.
Hedge funds, banks and various trading houses saw major losses across commodities in the first half of 2017, with some reporting their worst results in years due to a lack of overall volatility and an unexpected sell-off in crude.
TrailStone was formed in April 2013 and is funded by Riverstone private equity group. The senior partners at the company previously held senior roles in various divisions at Deutsche Bank’s commodities business, according to its website.
Reporting by Catherine Ngai; Editing by Andrew Hay