GFI Group (Nasdaq: "GFIG") has created a new European "Special Situations Group" (SSG) to focus on agency execution and trading strategies in the equity markets and the opportunities arising from European M&A, and other relative value situations.
The focus of the group's work will be on event driven situations that include but are not limited to pre and post announced M&A, spin offs, cross capital structure, share class, stubs and holding company transactions.
The new team headed by Richard Royden is based in London and includes Bo Nordberg and Dan Oakes.
The combination of GFI Group's significant position in the single name CDS market and its strength in the power, energy, freight, property and commodities businesses and SSG's equity market knowledge and banking relationships creates an opportunity for cross asset class investment analysis as well as impartial and unrestricted M&A and restructuring research. GFI Group provides an agency execution platform for equities, OTC and listed equity derivatives unaffected by the conflicts of interests associated with combining investment banking, corporate advisory, and proprietary trading with an agency broker.
"The incorporation of this seasoned team led by Richard Royden adds yet more depth to our equities offering" said James Martin, Managing Director London. "Our clients will benefit from research, sales and trading in European event driven situations free from any conflict of interest" he added.
Richard Royden joins from JP Morgan and has 20 years finance experience in equities, derivatives and investment banking that includes running HSBC's equity derivatives and relative value businesses in New York, and more recently he headed the European merger arbitrage group at UBS as well as co-founded UBS' Alternative Capital Group in 2006 that provided investment banking coverage for hedge funds.
Dan Oakes joins from JP Morgan with 10 years of finance experience in equities. Dan worked on the Risk Arbitrage and Relative Value desk at Bear Stearns prior to joining JPM.
Bo Nordberg joins from JP Morgan and has 8 years finance experience in equities having been with Deutsche Bank's Special & Relative Value S Situations research desk prior to joining JP Morgan.
The new team which will be working within the Christopher Street Capital group is an important investment to the Group's global equities offering serving clients from New York, London, Dublin, Hong Kong, Paris and Tokyo.