Squarepoint Capital is stepping up its expansion into physical metals trading with a significant hiring push, recruiting seven experienced traders from MRI Trading AG, a specialist metals firm founded by Marc Rich, according to a report by Bloomberg.

The new hires – Bill Shi, Tom Kung, and Andrew Briscoe – are set to join Squarepoint next month to strengthen its physical commodities business, focusing on refined copper and a broad range of concentrates such as zinc, lead, tin, and nickel.

Already active in trading physical aluminium, cobalt, and copper, Squarepoint aims to source copper shipments globally – from South America to Australia – to supply smelters in key markets like China. This move places Squarepoint among a small cadre of multi-strategy investment firms venturing deeper into the physical metals space, traditionally dominated by major energy traders such as Trafigura, Glencore, and Vitol.

MRI confirmed the departure of the traders but declined further comment.