Bache Commodities Group, a subsidiary of Prudential Financial, is continuing to expand its FX prime brokerage activities with the addition of key sales and middle office professionals.
Mike Stone has joined Bache Commodities as a vice president to head the middle office function for FX prime brokerage. He will be based in Chicago.
Dominic Cheah has joined Bache Commodities in London as a senior sales person focused on commodities trading advisors and hedge funds.
The FX prime brokerage team is headed by Sal Provenzano, who started with Bache Commodities in New York at the end of February 2009. Provenzano reports to Brian Jaspers, global head of foreign exchange.
Cheah was formerly with Westpac, London, where he was responsible for FX sales to financial institutions.
Stone joined from ABN Amro in Chicago where he was part of the team that established ABN's prime brokerage team.
Provenzano was previously with ABN Amro where he was head of foreign exchange prime brokerage sales.
'There continues to be demand for FX Prime Brokerage services from strong counterparties, despite the fact that some financial institutions have been forced to exit or scale back this business due to market conditions,' says Jaspers. 'We fully expect to continue to grow our FX Prime Brokerage operations to meet the trading needs of hedge fund managers and CTAs who look to us to provide credit lines, access to all major FX markets through a variety of trading platforms, outstanding clearing and trade execution, and 24 hour-a-day, six day a week support.'