San Jose, CA (PressExposure) July 26, 2008 -- Sources close to Portway Capital are speculating that a deal to secure the expertise of a former UBS star trader is close to conclusion. The unnamed individual is thought to be joining Portway Capital to direct currency trading strategies at the French-based firm in light of increasing volatility caused by international central bank apparent inability to control inflationary pressures.
A spokeswoman for Portway Capital who currently manages in the region of $30 million for private clients, reportedly revealed that the new incumbent's previous contractual obligations meant that he couldn't be named but appeared to confirm that unofficial consent had been obtained to secure the individual's services. The appointment, she asserted, was a "reflection of the importance Portway Capital continue to place on seeking out and retaining key personnel".
Furthermore, a Portway Capital source apparently believes that oil will surge again following the release of this week's crude oil inventory data Wednesday. Although oil traded within a range today, to many, the choppy trading reflected the calm before the storm. Speculators believe that the market has become increasingly fixated on the level of crude stocks, which have declined for five straight weeks despite apparent falling domestic demand. A 900,000-barrel drop in inventories is expected, according to the Portway Capital source.