French co-operative group InVivo has reorganised its Paris-based grain trading activities with the hiring of a new team manager and the departure of three traders, it said on Wednesday. InVivo, one of the largest exporters of European grain, hired Stephane Bernhard, 43, a former head trader at Louis Dreyfus for Spain and Portugal and subsequently a fund manager notably in agri-commodities, to head its grains and oilseeds trading unit, a spokesman said.
Bernhard reports to Loic Desselas who was appointed last year as director of InVivo Grains, which also includes storage, relations with co-operatives and Sigma Terme, a unit focusing on futures markets, he added.
Desselas was promoted after the former head of desk and another senior manager left InVivo and he had overseen the grain trading business himself until Bernhard's arrival earlier this month.
"The strategy has been clearly established in the face of volatile results," the spokesman said. "We are trying to reinforce ourselves through a multi-product, multi-origin and multi-destination strategy." InVivo's Chief Executive Officer Thierry Blandinieres told Reuters in December InVivo's grain trading division posted a second straight annual loss in the 2012/13 year to June 30, 2013, hurt by persistent volatility in grain markets, but was on track to break even in 2013/14.
InVivo was considering developing operational ties with US-based Archer Daniels Midland Co in grain trading to increase their clout in highly competitive international markets, he also said.
The three traders had left their posts but were still part of the group, the spokesman said. Several grain market sources had said this week that the traders' departure was due to losses in InVivo's trading business but the spokesman denied this.