Dafydd Davies has stepped down from his position as a physical metals trader at Goldman Sachs and is set to move to rival investment bank BTG Pactual in November, a source familiar with the matter told Metal Bulletin.

London-based Davies will join the Brazilian bank as a senior base metals trader after a period of gardening leave and will focus on the physical copper book, the source said on Tuesday August 25.

Davies, who started his career in metals as a concentrates trader at Trafigura, joined Goldman as an executive director in May 2014, where he was responsible for looking after the bank’s physical trading books for copper, zinc and nickel.

He started a three-month period of gardening leave in mid-August, the source said.

Unlike many of its peers in the investment banking industry, BTG Pactual has been expanding aggressively in commodities markets in recent years, focusing particularly on proprietary physical and paper trading and market-making.

The bank has made numerous high-profile hires covering sales, trading, operations and logistics in the base and minor metals markets over the past two years, including the appointment of several senior cobalt traders and London Metal Exchange traders formerly employed at banks and brokerages, including Deutsche Bank, Barclays and INTL FC Stone.

The bank saw a slump in revenues from sales and trading in the second quarter, driven by a weaker performance in soft commodities and equities markets during the period.

However, it expects revenues to rebound in the third quarter on higher customer order flow, it said earlier this month.

The bank had not responded to a request for comment on the hiring of Davies by the time of publication. Davies declined to comment.

Mark Burton 
Twitter: @mburtonmb