Risk.net

Prebon transfers credit derivatives business to subsidiary

Prebon Yamane International and Joe Santomo jointly own the new venture. Santomo is a former GFI broker who launched its credit derivatives desk in 1997 and went on to become its senior business development manager for global credit derivatives, before leaving the company in July 2003. He has been consulting for Prebon Yamane since February this year.

Tony Verrier, chief executive of Prebon Marshall Yamane, represents Prebon’s interests in the deal.

The team of 14 will remain in Prebon’s London office, and will continue to be served by Prebon in all back-office functions, such as confirmations and invoicing.

“This is a fast-moving environment and Prebon Global Credit will expand aggressively in the market to ensure we offer our clients value-added service both in terms of staff and technology,” said Santomo.

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