Nov. 29 (Bloomberg) -- Newedge Group SA, the brokerage joint venture of Societe Generale SA and Credit Agricole SA, named Michael Dann as global head of agriculture.
Dann, previously head of cocoa, coffee and sugar, takes over from Franck Borgel, acting head of the team in the past six months in addition to his position as chief operating officer of fixed income, currency and commodities, Newedge said in an e-mailed statement today.
The S&P GSCI Agriculture Index of agricultural commodities advanced 8.5 percent in the past two years, compared with a 0.5 percent decline for the MSCI All-Country World Index of equities. World food prices tracked by the United Nations’ Food and Agriculture Organization reached a record in February.
“Michael’s experience in the sector, combined with the respect he has earned from colleagues and clients as an established leader within Newedge, positions him and the team well to drive continued success,” John Fay, global head of fixed income, currency and commodities, said in the statement.
Dann started his career in 1980 with Marshall French & Lucas in New York, according to the broker.
Newedge named Paul Prescott and Jonathan Proctor as joint heads of cocoa, coffee and sugar to replace Dann, spokesman Richard Newmann said by phone today.
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