Bank of America expands commodities platforms, adds metals
NEW YORK, February 8, 2006 – Bank of America today announced plans to launch a metals trading business, expanding its existing commodities platform. Peter Merritt has joined the company in New York as a Managing Director and Global Head of Metals. The company has also announced the addition of a team of metals traders and marketers.
“Bank of America is a recognized leader in the natural gas, power and oil markets,” said Tom Connor, Global Head of Liquid Products. “With the addition of Peter and the talented team we have assembled, we are positioned to quickly establish a presence in metals and provide our clients with a broader suite of products and services.”
In addition, Bank of America has named Patrick Coleman as Global Head of Commodities, reporting to Connor. Coleman joined Bank of America in 2005 to lead the Government Institutions Group (GIG) and was responsible for all aspects of the GIG client relationship. In this new role, he will have overall responsibility for sales and trading across the commodities platform and his team will include: Paul Broderick, who continues as Global Head of Energy and Peter Merritt. Both are located in New York.
Connor continued, “Pat is a true leader with a proven track record in successfully managing and growing businesses and I look forward to working with him in his new role. Together with Peter and Paul, who has been instrumental in the growth of our energy business, Pat will significantly accelerate our momentum in commodities.”
Peter Merritt joins Bank of America with 20 years of commodities experience, most recently with HSBC, where he was Head of Global Metals and led his team to become one of the industries’ top ranked franchises. He is a graduate of Villanova University with a BS in Engineering and an MBA in Finance.
Bank of America’s new team of metals sales, marketing and trading professionals includes:
* Simon Underhill, Managing Director and Marketer – Based in London, Underhill joins Bank of America with nearly 30 years of broad-based experience in commodities sales, trading, marketing and risk management. He was most recently Global Head of Base Metals Trading for HSBC and has also served on the board of the London Metal Exchange. He reports to Merritt.
* Simon Jackson, Principal, Commodities Sales – Simon brings nearly 20 years experience in commodities sales, trading and finance and joins from HSBC where he helped launch the company’s base metals business. He is a graduate of The Kings School Canterbury in Kent, England. Jackson reports to Merritt and is based in New York.
* Alan McHugh, Principal, Commodities Sales – Alan joins Bank of America in New York with over 20 years experience in metals, most recently with HSBC, where he helped launch the company’s base metals business. He holds a BA in Economics from Hobart College and an MBA in Finance from New York University. McHugh reports to Merritt.
* Mark Newson-Smith, Principal and Marketer – Mark joins in London later this month, reporting to Underhill and brings nearly 20 years experience in commodities, most recently as a senior trader at HSBC. He is a graduate of Cambridge University in England.
* Tony Shaw, Principal and Marketer – With over 25 years experience trading a variety of metals, Shaw joins Bank of America in London reporting to Underhill. Previously, he was with HSBC, as Associate Director, Base Metals Trading and Sales. He is a graduate of Ardingly College in Sussex, England.
Bank of America (NYSE:BAC) is one of the world’s leading financial services companies. The company’s Global Corporate & Investment Banking group (GCIB) provides investment banking, equity and debt capital raising, research, trading, risk management, treasury management and financial advisory services. Through offices in more than 30 countries, GCIB serves domestic and international corporations, institutional investors, financial institutions and government entities. Many of the bank’s services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited.
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