Brazil's BTG Pactual to take Singapore's Gold Matrix metals team
MELBOURNE, Sept 22 (Reuters) - Brazilian investment bank Grupo BTG Pactual SA has agreed to take a team of metals traders from Singapore-based merchant Gold Matrix Resources Pte Ltd, as it centralises its commodity business in the nation state and builds out its metals services to Asia, two sources said on Tuesday.
The move is expected to help the Sao Paulo headquartered bank expand its presence in South East Asia and India under Asia Managing Director Ronen Arielly.
The bank has been extending on a push into commodities underway since late 2012, as it takes advantage of regulatory hurdles facing larger rivals on Wall Street.
Arielly previously worked as the Global Head of Ferrous metals at commodities trader Trafigura, according to his LinkedIn profile.
Gold Matrix is a small physical metals and scrap trading house with strong links into South East Asia and India, set up by Managing Director Pinaki Rath in Singapore a decade ago, well before the nation state had built up its now considerable heft as a commodities trading hub.
Its four traders are expected to move to BTG Pactual. The firm is an associate trade member of the London Metal Exchange.
Officials at BTG Pactual and Gold Matrix in Singapore declined to comment. (Reporting by Melanie Burton; Editing by Biju Dwarakanath)
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