London-headquartered commodities broker Marex Spectron Group Ltd, which also has a global network spanning across North America and Asia, today announced the appointment of Christopher Grosso, Christopher Moster, and Brian Vooletich as the newest additions to its US Power broking team, according to a corporate statement.
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Prior to joining Marex Spectron, Grosso and Moster spent 15 years working together at Tullett Prebon, while Vooletich joins from Starfuels after seven years at OTCGH. Reporting to the Managing Director and Head of North America, Hunter Baldwin, the new executives will be based in Marex Spectron’s New York office.
Squeezed Industry
Marex Spectron was formed through a Merger of metals and oil brokerage firms in 2011 and is majority owned by British private equity house JRJ Group. Since 2012, the company has cut its headcount by roughly a sixth to just above 500, focusing on its core energy and metals business and benefiting from many banks pulling back from commodities dealing.
Revenues in the commodities broking sector were in general squeezed since the 2008 global crisis due to harsh regulations and the overall shift to electronic trading, leading some to questions about the future of the industry.
Earlier in June, the company which specializes in voice broking and also offers electronic and on-Exchange dealing, reported a record operating profit of $22.7 million for its 2015 year.
Finance Magnates last reported on Marex last week when the company announced the appointment of Jarrad Lewis as US Head of Natural Gas Liquids.
Announcing the appointment, Hunter Baldwin said: "These are further examples of how we are expanding and developing our North American business. It is about adding to our talent pool and strengthening our presence in key markets. The collective experience of these individuals, and the breadth of their relationships, enhances our existing US Power business, providing customers with value across a wide range of electricity markets, from NIHUB to NEPOOL.”
