London/New York 12 July 2007 — Bear, Stearns International Limited today announced the start of its LME (London Metals Exchange) trading desk in New York with the appointment of Stephen 'Sid' Strutt and Marc Carozza. Bear Stearns created an LME desk in London two years ago, led by Steve Bingley and Robert Rees, and is now building the global reach of its LME business with the new US desk and plans for a desk in Asia.
Mr. Strutt has joined Bear Stearns from Sempra Metals Services Corp (SMSC, a subsidiary of Sempra Metals Limited) in Stamford, Connecticut, where he was responsible for marketing LME brokerage services for all of North America. Prior to SMSC, he worked for Enron, MG London and Billiton Metals, amounting to over fourteen years' experience in metals trading.
Mr. Carozza joins from Calyon Financial where he was floor manager, responsible for LME sales and COMEX (New York Commodities Exchange) pit execution in copper. He has twenty years' experience in COMEX and LME trading and management and has previously worked for Carr Futures and Dean Witter.
"We have been building our LME business in London for two years and have seen increasing demand from clients for a global platform, in particular from hedge funds and we have taken the business to the next level with some truly experienced hires. Sid and Marc are noted market professionals who are ideally suited to launching our US desk and who bring valuable expertise to Bear Stearns' metals team." Commented Peter Williams, Head of Liquid Product Sales Europe and responsible for the LME business.
Contact:
Jessica Shepherd-Smith Bear, Stearns International Limited +44 20 7516 5920
About Bear, Stearns International Limited
Bear, Stearns International Limited is a wholly owned subsidiary of The Bear Stearns Companies Inc. and is authorised and regulated by the Financial Services Authority.
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the company has approximately 15,000 employees worldwide.
Founded in 1923, The Bear Stearns Companies Inc. (NYSE:BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide.