Three of Morgan Stanley’s (MS:US) gasoline traders have quit the bank to join Mercuria Energy Trading SA, according to four people with knowledge of the matter.
Leo Sint Nicolaas, Sebastian Ferraccu and Louis Mitchell resigned from their posts in London, according to the people, who declined to be identified because the information hasn’t been made public. They left this week, one of the people said.
Tom Walton, a spokesman for Morgan Stanley in London, declined to comment by phone today. Geneva-based Mercuria didn’t immediately respond to a voicemail message or an e-mail seeking comment.
Mercuria hired staff for its energy business from other banks earlier this year, including Roger Jones, former global head of commodities and Phil Sutterby, a senior natural gas trader at Barclays Plc. (BARC) Andrew Perkins joined the company from Morgan Stanley this year to head its new global agriculture team in Singapore.
Morgan Stanley’s second-quarter net revenue from commodities and fixed income sales and trading fell 59 percent to $770 million from $1.9 billion a year earlier, the bank said in a statement on July 19. The drop reflected “the challenging global market environment with reduced levels of client activity,” it said.
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