Dresdner Kleinwort Wasserstein, the investment banking arm of Germany's Dresdner Bank, has hired a head of commodities - a new position - and told him to set up an energy trading business.

Neil Rothwell, who has an extensive background in trading oil and gas and oil and energy derivatives, joins the investment bank in October from German utility RWE. Based in London, Rothwell will hire "a handful of people" to work in the new business, which will take proprietary positions in the energy markets using the bank's own money.