Three members of SocGen's top base metals team are now based at TD Securities instead

French bank Société Générale has some particular talents. It is known for its equity derivatives prowess but this is not all. It also has a strength in base metals trading. But now some of its base metals guys have escaped.

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At least three members of the SocGen team - Thomas Stewart, Ben Dowse and another director - have moved to TD Securities in London. All arrived earlier this week.

TD Securities didn't respond to a request to comment on their arrivals; SocGen didn't respond to a request to comment on their departures. 

Stewart and Dowse are big figures in the London metals market. Stewart spent 23 years trading metals at SocGen; Dowse spent 18 years there. In May, SocGen was declared "Base Metals House of the Year" at the Energy Risk Awards. Stewart appears to have collected this accolade on behalf of the bank.

Base metals traders are having a fine year in 2026. The London Metals Exchange (LME) had a record first half in terms of trading volumes and banks and funds have been building out teams. Citadel, for example, hired Ylan Adler from SPX Capital in January as part of an apparent move into metals. Ben Green, the ex-Macquarie head of base metals at Bank of America, is on gardening leave and has yet to reappear. Ben Vicas, JPMorgan's London head of base metals trading also left in July and remains unaccounted for. 

“Moves like this underline just how aggressively the market is currently bidding for deep, cycle‑tested metals expertise – highlighting how highly-prized credible senior LME talent is in this sphere in 2026,” said Luke Brace, head of metals at search firm Redstone Search. 

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