July 5, 2012 / 3:23 PM / 8 years ago

Newedge hires UK metals head after brokers' exit

NEW YORK, July 5 (Reuters) - Newedge Group has hired Peter Barrowcliff to run its UK metals business as the commodity broker seeks to rebuild its senior management team following last month’s departure of four directors.

This is Newedge’s first hire since global metals head Mike Frawley and his senior directors left last month in the biggest shake-up of a major metals broker in years.

Barrowcliff has joined as global chief operating officer of metals in London, in charge of the UK metals desk, Newedge said on Thursday. The broker is a LME ringdealing member.

The newly created position had been in the works for some time, said a spokeswoman for the broker, owned by two of France’s largest banks, Credit Agricole CIB and Societe Generale. She declined to say if the position was planned before the resignation of senior metals dealers.

Barrowcliff was most recently working at Nomura in Asia, Newedge said. According to his LinkedIn profile, he left the Japanese broker in May after joining in 2008 from Lehman Bros.

In its first foray into base metals, Nomura hired members of Lehman Bros’ commodities business after the U.S. investment bank collapsed in 2008. Last year, Nomura started to withdraw from base metals trading.

Frawley, Joel Spier, John Peiser and Steve Pettitt, whose nickname among LME traders is Lobo, left Newedge to join Jefferies Bache, a Category II LME clearing member.

The U.S. investment bank has a smaller footprint in the metals arena than Newedge, which says it has a 12-percent market share for execution and clearing on global-listed derivatives exchanges, but is seeking to expand.

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