Citigroup is planning to hire for its commodity investment product team as investors clamor for commodities. Copper, gold and cotton have all reached sky-high prices.
The bank will hire 10 more people for the 30-person group, Iain Armitage, the London-based head of the team, told Bloomberg. The bank will also set up a commodity-trading unit in China, a country that's currently demonstrating a fierce appetite for raw materials. "Many investors have gone from thinking of commodities as an optional asset class to start thinking about it being a necessary part of their portfolios," Armitage said. "They are looking at ways to increase allocation."
The increased demand translates to more hiring for commodities traders and salespeople.
To help with the effort, the bank hired Martin Lovegrove, an advisor to BP, as chairman of the global energy business. He will start in July. Edward Morse joins from Credit Suisse as global head of commodities research; he will start in May.
Citigroup isn't the only bank cashing in on the action in China: both Morgan Stanley and SocGen have offices devoted to commodities in the country. (Bloomberg)
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