Merrill Lynch is planning to bulk up its commodity derivatives business in Asia, which it set up earlier this year, with a wave of hires in the next few months. "We've been building up this business globally, first in Houston and London and now in Singapore," said Mark Long, managing director and head of commodity trading in the Lion City. Long joined in May, along with a team of three from Citigroup in Singapore to kick start the desk, as part of the firm's push into energy trading following the acquisition of trading house Entergy-Koch last year. Long said the firm is planning to hire several traders and marketers for the effort, including Allen Sheals, v.p. and commodity derivatives marketer at Citi in Singapore, who joins in the next few weeks.
With interest in energy, particularly oil, heating up, firms in Asia have been looking to take on established players Goldman Sachs and Morgan Stanley. For instance, in addition to Merrill, rivalJPMorgan is also building up an energy derivatives business in Singapore, according to officials familiar with the plans.
