Thursday, 19 May 2011
Copthall Avenue's Rencap enters US equity derivatives business
Rencap has hired Leonard Ellis in New York to lead Equity Derivatives and Structuring out there, picking him up from Capstone where he focused on idea- and event-driven volatility strategies. Ellis also managed equity derivatives at Citi, covering equity swaps, DMA, delta one and exchange market making.
Glencore IPO creates money for management and banks
The FTSE 100 will welcome the world's largest commodities firm (by revenue: 2010, $145bn) to its ranks, around May 24, 2011, on its first day of unconditional trading.
Glencore did its primary listing in London, selling 1.14 billion shares @ 530p, and secondary listing in Hong Kong, at 66.53 HKD (around 530p as well). Shares rose 11p to 541p in the first day of trading. At the 530 offer, Glencore has a market value of £36.7 billion.
Ivan Glassenberg, CEO since 2002, studied accountancy at the University of Witwatersrand in South Africa and got his MBA from University of Southern California, and will have a paper fortune of around £6bn following the flotation, being the owner of 15% of the company. Glencore was founded by Marc Rich (real name Marcell Reich) who started his career at Phibro (then known as Philipp Brothers, a firm founded in 1901) and is credited in a book as having created the spot market for crude oil.
Glencore did its primary listing in London, selling 1.14 billion shares @ 530p, and secondary listing in Hong Kong, at 66.53 HKD (around 530p as well). Shares rose 11p to 541p in the first day of trading. At the 530 offer, Glencore has a market value of £36.7 billion.
Ivan Glassenberg, CEO since 2002, studied accountancy at the University of Witwatersrand in South Africa and got his MBA from University of Southern California, and will have a paper fortune of around £6bn following the flotation, being the owner of 15% of the company. Glencore was founded by Marc Rich (real name Marcell Reich) who started his career at Phibro (then known as Philipp Brothers, a firm founded in 1901) and is credited in a book as having created the spot market for crude oil.
Tuesday, 10 May 2011
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