US bank is the latest to hive off part of its commodities trading
Mercuria has completed the acquisition of JP Morgan's
physical commodities business for a reported $800m, underlining
the latest departure from commodities trading of a large
Mercuria said on Wednesday it had completed the acquisition
following the signing of a definitive Purchase and Sale
Agreement in March this year.
"When we founded Mercuria 10 years ago, it was our goal to
develop a global energy-focused commodities group," said Marco
Dunand, chief executive officer of Mercuria.
"This acquisition helps to bring that vision to reality by
building upon our physical power, gas and oil operations in
North America and by adding to our client base. JP Morgan's
talented professionals and physical assets in the power and gas
markets are highly complementary to the group's existing
activities and assets."
The commodities and energy group with a 2013 turnover of $112bn
said JP Morgan staff will transfer to its international trading
hubs in Houston, London, Calgary, Connecticut and
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