Citadel Expands Commodity Trading to Australia With Power Hires
(Bloomberg) -- Ken Griffin’s $68 billion hedge fund firm Citadel is expanding commodities trading to Australia, hiring Shell Plc senior trader Keith Handbury, according to a person familiar with the matter.
Handbury is slated to start at Citadel next month in Brisbane as a portfolio manager trading electricity-related commercial paper and derivatives, said the person, who asked not to be identified discussing private information. He will be joined by an analyst in the same month, with plans to further grow the team. The company declined to comment in an emailed statement.
Citadel is bolstering its ability to trade commodities in Asia, after building one of the largest investment businesses in the space over 23 years. Its commodities trading group has a roster of more than 260 investment professionals, nearly 100 engineers in 12 locations globally. The division has a strategic focus on helping energy producers and consumers manage their risks in markets ranging including natural gas, power, environmental products and weather, said the person.
Having brought the business to Asia initially in Singapore, Citadel last year recruited Hironao Sakata, a former head of Japan commodities sales at Morgan Stanley MUFG Securities Co. It also acquired Tokyo-based Energy Grid Corp, a company that trades and sells power products.
Among its peers, Jain Global last year hired portfolio manager Liam David to trade power in the Asia-Pacific region out of Singapore. Balyasny Asset Management’s natural gas and power team in the city-state is looking to add portfolio managers, people familiar with the matter said earlier this year. Qube Research & Technologies is also hiring for the Australian power market, separate people with knowledge of the firm said then.
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