Execution Noble, the stockbroker-turned-investment bank that has just merged with Banco Espírito Santo de Investimento, has an unusual model for its derivatives business.
Nick Tranter, head of derivatives, explains the
strategy to Jon Hay and outlines some of
the firm’s plans for growth.
When Nick Tranter moved to Execution, the UK-based
stockbroker, in August 2009, he wanted a change. After climbing
the equity derivatives ladder for four years at JP Morgan, 11
years at Morgan Stanley and a year at BNP Paribas, he swore he
would never work for a bank again.
He got more change than he bargained for. A few months
later Execution acquired Noble Group, which gave it an equity
capital markets team and strengthened its research,
particularly in India.
Then in February 2010 came news that Nick Finegold,
Execution Noble’s founder and CEO, was selling a
50.1% stake to Banco Espírito Santo de Investimento,
investment banking arm of Portugal’s third largest
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