Societe Generale has hired Nicholas
Stephens and Greg Holley, two of the most senior futures
brokers from Jefferies Bache, marking the latest brokers to
move to the French bank from the defunct commodities firm.
Stephens and Holley joined SG as managing
directors last month, according to sources, and are among the
22 former Bache staffers set to transfer to the French futures
giant from Bache.
Stephens is now SG’s head of
sales and marketing for futures and options and Holley is
running the French bank’s London-based futures
A spokesman for Societe Generale declined
The hires are a coup for SG as Stephens
and Holley were two of the most senior brokers at Bache and
they should strengthen SG’s firepower at a time
some of their main large rivals are losing senior staff.
Stephens and Holley both have previous
with Societe Generale.
Stephens was the head of futures and head
of exchange-traded sales and marketing at Bache Commodities
having joined the firm in early 2003 from Citigroup.
Before Citi, Stephens was for eight years
the London head of financial futures and options at Credit
Lyonnais Rouse, which became in 2008 part of Newedge, which is
now owned by SG.
Holley was Bache’s managing
director, head of financial futures and options execution, a
role he held for over four years since joining Bache from
Holley joined Cube Financial in early 2004
and worked there until that firm was bought by Societe
Generale’s Fimat in late 2006 and then merged in
early 2008 with Calyon to form Newedge, where Holley worked
until he left for Bache in mid-2011.
Stephens and Holley are the highest
profile Bache brokers to have made the step to SG so far
following an agreement signed between the firms in April that
would see the French bank take some Bache clients and
Most of the Bache staff in London and the
US were put at risk of redundancy in April immediately after
the SG deal was struck,
as first reported by FOW.
Brokerage firms including
INTL FC Stone,
ADM Investor Services,
Wells Fargo and
Scotia Bank are among the firms that have
hired former Bache brokers, as first reported by FOW.
SG's hiring is at odds with some other
large futures banks that have lost senior staff this year,
particularly on the clearing side.
Last month Nomura’s global
product head of derivatives clearing Mark Croxon left that
as first reported by FOW, and UBS parted company last month
with Helen Lofthouse, its European head of exchange-traded
derivatives clearing sales,
as first reported by FOW.
JP Morgan parted company last month with Niamh Lane, its
former head of European derivatives clearing solutions,
in May Hester Serafini, the bank’s former European
head of swaps clearing, as first reported by FOW.
Gavin Dixon, the former European head of
derivatives clearing at BNP Paribas and chairman of swaps
clearing consortium OTCDerivNet, left those posts in May.