New York, 15th March 2006 - GFI Group Inc. (GFIG on NASDAQ) has made four hires to launch a new dry freight physicals desk in London. The new desk will be operational shortly before Easter. This complements GFI's well-established dry freight derivatives business.
The new desk will be headed by Terry Parmenter, formerly of London shipbroker Galbraith's. He is joined by Ian Rogers, Steve Dickens and John Lewis, all also formerly of Galbraith's. Mr Parmenter will report to Steve McMillan, GFI's senior managing director for Europe.
"This expansion into physical broking will enable GFI to offer complete structured risk management solutions for dry freight", said Dorian Benson, GFI's head of dry freight derivatives in London. "It also demonstrates GFI's commitment to the shipping markets. With an existing dry freight desk in Singapore, this move represents a natural addition to our existing business."
"With this new desk we now have a comprehensive global coverage of freight - both wet and dry, physicals and derivatives", said Mr McMillan. "Terry Parmenter and his colleagues bring a wealth of experience and we look forward to providing a valuable service to new and existing clients".
GFI's dry freight derivatives desk was set up in 2004. GFI covers wet freight derivatives through a joint venture with ACM Shipping, a leading tanker broker. Both desks have won industry awards, including top wet freight broker in Energy Risk's 2005 survey.