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(Updates with FCStone comments from second paragraph.)
Oct. 20 (Bloomberg) -- INTL FCStone Inc. may more than double its staff in London, making it the second-biggest office after Chicago, to expand its risk-management business and commodities trading in Europe.
“We see a potential for a large expansion,” Peter J. Nessler Jr., president of the company’s unit FCStone LLC, said in an interview in London today. “Our goal here is to have London as our footprint for the European Union” and other areas, including Russia and Ukraine, he said.
The company, which employs about 900 people, may increase its staff in London from about 50 to 125 in as little as 12 months, Nessler said. Expansion areas include London Metal Exchange trading, clearing, execution, energy, and the grain and soft commodities markets, he said. The company also plans to open a six-person office in Shanghai and to increase staffing in Singapore, he said.
The expansion will give London the company’s second-biggest presence after Chicago, which currently employs about 200 people, Philip Smith, INTL FCStone’s chief executive officer for Europe, said in a separate interview. FCStone has offices in 11 countries and more than 10,000 clients, according to the company’s website.
INTL FCStone this year acquired Ambrian Commodities, the LME brokerage unit of Ambrian Capital Plc and a so-called category 4 member of the exchange, or associate broker. INTL FCStone was approved as a category 2 member, or associate broker clearing status, which would give it the right to trade metals on the LMEselect electronic system and by telephone, the exchange said Sept. 30.
--Editors: John Deane, Dan Weeks
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