As Wall Street banks scale down proprietary trading in order to comply with new regulations, new people are moving onto the other side of those sales.
One of those people is a former special operations soldier turned commodities trader, William Reed, and he’s got the backing of some pretty important names in the industry, reports Bloomberg’s Javier Blas and Andy Hoffman.
Reed’s Castleton Commodities International has started making some big commodities purchases, according to the report — including Morgan Stanley’s oil trading business in May.
Major Castleton shareholders include Paul Tudor Jones and Highbrige Capital’s Glenn Dubin.
The company has also bought Texas power plants, coal terminals in Kentucky, natural-gas wells in Colorado, and oil storage tanks in Shanghai, according to Bloomberg.
Reed reportedly led a takeover at Castleton a couple of years ago, together with Dubin, who is now chairman.
He began his career at Enron in Houston in the 1990s, but not before serving on a special ops helicopter crew in the army and spending time in Kuwait during the Gulf War, according to the report.
And it appears he has big plans for the company to expand, going forward: he’s already reportedly poached managers from competitors like Mercuria and JPMorgan.
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