ANZ may be in a mess back in Melbourne, but in Singapore it’s looking for local talent to kick start its new commodities division. The Aussie firm will face competition as the recruitment market heats up for specialist traders with Asian expertise.

The bank, which is considering job cuts in Australia, has opened a commodities trading desk in Singapore as part of its plans to expand Asian operations. “We already had a large markets-based presence in Singapore, so the infrastructure was already here,” says Geoff Clear, ANZ’s global co-head of commodities.

By September he hopes to have up to nine new sales and trading recruits across Asia - mostly in Singapore, but also in Hong Kong and Shanghai. Others will join after that. “We're prepared to wait to find precisely the right people. That's more important than box ticking and getting someone by a certain date.”

ANZ’s search for staff may not be so simple. James Rushworth, managing director of Profile Search and Selection, says rival banks - from leaders Morgan Stanley and Goldman Sachs to locals DBS, OCBC and UOB - are also growing their commodities crew across front and back-office roles. “Companies like BP and Shell are losing staff to the banks and there is also inter-bank movement.”

For trading roles ANZ wants senior staff with strong commodities experience and Asian markets knowledge. Clear comments: “We need very specialist skills. We want people who are 100% focused on the commodities sector.”

Terence Tan, a manager at commodities exchange SICOM, is not surprised that commodities gurus are hot property. Tan tells us that SICOM will grow its own 10-strong team, following its expected takeover by the main SGX stock exchange. “Commodities is a growing area and the futures market is particularly active,” he says.