Sources say that Balyasny has hired Glencore's LPG head Hendey to push commodities.

Three'sources' familiar with the matter said that Chicago-based hedge funds Balyasny Asset Management and Balyasny Asset Management have hired Ross Hendy from commodities traders and miner Glencore where he was in charge of liquefied petroleum gas trading.

Hendey will begin his new role in Balyasny, where he will lead an independent investment group focused on LPG products and refined products in September. A second source confirmed that he will remain based in London.

Sources requested anonymity in order to discuss confidential information. Balyasny declined to comment. Hendey didn't immediately respond to our request for comment.

This hiring highlights Balyasny’s efforts to build a commodities trading business during a period of extreme volatility for oil, LPG and other products.

The 'blockade' of the Strait of Hormuz by Iran in its war against the United States and Israel is the latest shock to global commodity supply chains. It has sent 'oil' and 'fuel' prices to their highest level since Russia's invasion of Ukraine.

Hendey is the head of LPG trading for Glencore, according to his LinkedIn profile. The profile stated that he traded 'LPG' for British firms EDF Trading and INEOS after'starting his trading career with OSTC Ltd. (Reporting and editing by Nick Zieminski in New York)

(source: Reuters)