OTCex Hires Two EU Gas Brokers From PVM After Prebon AcquisitionIsis Almeida
OTCex Group hired two natural gas brokers from PVM Oil Associates Ltd., the brokerage bought last month by Tullett Prebon Plc.
Luke Holland and Andrew Mason are based at OTCex’s offices in London and will broker European gas contracts, according to Ian Spittlehouse, managing director of OTCex-HPC U.K. The Paris-based group, which also offers equity and interest rate products, already provides services in power trading from its London office and oil from its Geneva branch.
“We had power, we had some customer interest in gas, so it seems a reasonable idea,” Spittlehouse said today by phone from London. “We have oil out of Switzerland already, Geneva, so it made sense to kind of fill in the triangle.”
Prebon said on May 9 it agreed to acquire PVM for $160 million. The buyout included job cuts to help the company reduce annual costs by about 20 million pounds ($34 million), it said in a statement at the time, without disclosing the number of dismissals.
OTCex recently opened an office in New York to start dealing in equity derivatives and may later add fixed income, Spittlehouse said. The group has more than 600 clients including banks, hedge funds and asset managers, according to its website.