Castleton Commodities International (CCI) has hired one of Standard Chartered’s most senior commodities specialists as its chief financial officer for Asia.
Carlos Deluzuriaga – a 30-year commodities veteran – joined energy commodities trader CCI in Singapore last month as a managing director, following a stint of more than five years at Stan Chart, also at MD level.
He moved to Stan Chart in Singapore in 2012 as global COO of commodities and two years later was appointed global head of the structured inventory product trading desk and the agri trading desk, according to his online profile
Deluzuriaga’s new job at CCI marks a return to him working in a leadership role at a commodities company. He began his career in the sector in 1987 at Glencore, where he held various roles in the US and UK, including global head of oil trading risk management.
He then became business manager for the Singapore office in 2002 and helped grow Glencore’s business in the Republic before launching his own consultancy in 2006, according to his profile.
Deluzuriaga also has experience at Trafigura – he was head of APAC deals, risk, mid-office and back-office there between 2010 and 2012.
His move to CCI appears well timed. Banks have been cutting commodities trading jobs in Singapore – and globally – over the past two years and hiring in the function has fallen.
“The number of people trading commodities at banks has declined,” Jason Tudor, a former Asia Pacific head of commodities at Citi, told us previously, adding that physical commodities companies generally now provide better career opportunities than banks.
CCI, whose operations include logistics and infrastructure development as well as physical and financial trading, has more than 900 employees and is headquartered in Stamford, Connecticut. Its Asian offices are in Singapore and Shanghai.
It's not the only commodities firm hiring in Singapore, however. Petroleum and metals trader Clearsource is expanding its Asian operations via its Singapore office and last month hired CCI trader I.S. Ryu for its light fuels desk.
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