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The chief executive of commodity trader Engelhart CTP is planning step back from the day-to-day running of the business to focus on trading.

Ricardo Leiman, who founded the company in 2013 with a team of former executives from Noble Group, will hand over his management duties to executive chairman Huw Jenkins, according to people familiar with the matter.

Engelhart declined to comment.

Last year, the London-based company which was started as a unit of Brazilian bank BTG Pactual, cut almost a fifth of its workforce, capping three years of turbocharged expansion.

Under Mr Leiman, a Brazilian national who was previously the chief executive of Noble Group, Engelhart established trading hubs in London, Singapore and Stamford, Connecticut, in the US.

Engelhart has a different business model to many of its rivals, combining physical and proprietary trading. In effect, it uses its knowledge from buying and selling raw materials, backed up by research, to place directional bets on markets.

The management changes were first reported by Bloomberg.

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