Cargill Value Investment, the proprietary trading operation of conglomerate Cargill, has hired Mark Sorensen, managing director and head of loan trading for TD Securities, to centralize its trading platform. Sorensen declined comment when reached at TD. Rory O'Neill, executive v.p. at Cargill and head of the global corporate distressed group, referred calls to a spokeswoman, who said Sorensen will be filling a newly created position.
Cargill has a group of professionals executing trades and plans to centralize the trading platform. This will increase the "trading velocity," she said, noting this relates to the volume and turnaround of trades. Cargill is always trying to improve its processes and has found someone with a great amount of talent, she added.
Sorensen joined TD in 2000 from Bear Stearns, where he was also head of loan trading. At TD he oversaw par and distressed loan trading. Before starting in finance he was a U.S. Navy officer and served aboard the aircraft carrier Coral Sea.
TD officials declined comment on whether Sorensen will be replaced, but one loan banker said this is unlikely. Sorensen ran the group jointly with Greg Hurley, head of U.S. loan sales. Jim Sweeney, who joined TD from Imperial Capital in March, will be picking up much of the day-to-day responsibilities, the banker added. Sweeney and Hurley declined comment. The banker also dismissed suggestions that TD is de-emphasizing the loan product and said business should continue as usual.