(Adds with former head of commodities in second paragraph, commodities assets from third.)
June 15 (Bloomberg) -- Paul Hawkins will join Credit Suisse Group in August as a managing director and global head of commodities.
Hawkins will be based in London and report to Gael de Boissard and Tony Ehinger, co-heads of global securities, Credit Suisse said in an e-mailed statement today. He replaces Adam Knight, who left the bank in January, Adam Bradbery, a London- based spokesman for the bank, said today by phone. He declined to comment on the size of the bank’s commodities team.
Commodities had their biggest monthly drop in a year in May as accelerating inflation in China and Europe’s sovereign-debt crisis fanned speculation economic growth may slow. Commodity assets under management were a record $451 billion in April, according to Barclays Capital.
Hawkins was most recently head of trading and supply at LITASCO, the Geneva-based marketing and trading company for Russia’s OAO Lukoil, Credit Suisse said. He spent nine years at the company in Geneva and New York and has specialized in crude oil, refined petroleum, freight and derivative instruments.
“This appointment underscores our commitment to further investing in our commodities platform,” De Buissard said in the statement.
Credit Suisse and Glencore International Plc, the largest listed commodity trader, started an oil-trading alliance in 2006, that expanded to metals, emissions and freight.
About $9.61 billion went into commodity funds in the first quarter, more than triple the $2.77 billion a year earlier, EPFR Global, a Cambridge, Massachusetts-based research firm, said in April. Crude oil climbed to a 2 1/2-year high in May and gold reached a record that month.
The S&P GSCI Total Return Index of 24 commodities slumped 6.8 percent in May and is up 10 percent this year. The MSCI All- Country World Index of equities is up 0.4 percent in the period and Treasuries returned 2.5 percent, according to a Bank of America Merrill Lynch index.
--Editors: Claudia Carpenter, Nicholas Larkin
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