Bear Energy launches in Europe

US investment bank Bear Stearns International has launched its European energy business with the appointment of Etienne Amic as head of Bear Energy in Europe. The European venture will offer structured origination and financial products, including natural gas, electricity, emissions and oil and refined products.

Amic joins the firm as a senior managing director and a member of the management committee of Bear Energy, and will be responsible for building its European franchise. Prior to joining Bear Stearns, Amic was global head of commodities at Calyon, and previously held various positions at Total Gas & Power and Total Oil Trading.

Bear Energy, a wholly-owned subsidiary of Bear Stearns, was founded in 2006. Headquartered in Houston, Texas, it currently manages around 6000 MW of physical power assets, employing a team of 160 staff dealing with physical markets and financial risk management.

In May, Bear Energy announced the purchase of most of the power assets from The Williams Power Company, an energy trading and marketing subsidiary of The Williams Companies. “We have made great strides over the past year in building our presence in the energy markets. Expanding into Europe was the next logical step,” says Eli Wachtel, global co-head of Bear Stearns’ energy division.