MOVES-Balyasny hires Glencore's head of LPG Hendey in commodities push, sources say

NEW YORK, April ​20 (Reuters) - Chicago-based ⁠hedge fund Balyasny Asset Management ​has hired Ross Hendey from commodities trader and miner Glencore, where he ​led ‌liquefied petroleum gas trading, three sources familiar with the matter told ⁠Reuters.

Hendey is expected to start in ⁠his new role at ​Balyasny in September, leading an independent investment team focused on LPG and refined products, one of the sources said. He will ​continue to ‌be based in London, a second source said.

The sources requested anonymity to discuss confidential information. Balyasny and Glencore declined to comment. Hendey did not immediately respond to ​a request for comment.

The hiring highlights Balyasny's efforts to ‌build a commodities trading business at a time that a string of geopolitical upheavals have infused ‌extreme volatility in prices for oil and related products, including LPG, helping rival funds like Citadel reap bumper profits.

Iran's blockade ​of the Strait of Hormuz in its war with the United States ‌and Israel, the latest shock to global commodities supply chains, has sent oil and fuel prices to the highest levels since ⁠Russia's ⁠invasion of Ukraine in 2022.

Hendey has ‌led LPG trading for Glencore since December 2023, according to a LinkedIn profile. ​He ​previously traded LPG for British firms EDF Trading ‌and INEOS, after starting his career as a futures trader for OSTC Ltd, the profile showed. (Reporting by Shariq Khan in New York, Editing by Nick Zieminski)

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