Bear Stearns expands precious metals team

Bear Stearns has expanded its precious metals group. It is offering over-the-counter forwards, options, swaps and structured products, as well as spot trades, in London, New York and Hong Kong.

The firm hired Robert Gottlieb as head of precious metals in January – he was previously head of precious metals trading at HSBC. Since then, it has joined the London Metals Exchange, the London Bullion Market Association, and the London Platinum and Palladium Market.

The company has also appointed several staff, including four managing directors in New York and one in London. In New York, Robert Cameron joined the firm to head spot trades from Mitsubishi Metals Trading, and Edward Bases is running hedge fund sales, having recently worked with Deutsche Bank. Gary Spencer is in charge of options trading, and Charles Bingham heads structured products and risk management. Both are formerly of JP Morgan.

In London, Bryan O’Rear heads options trading and platinum group metals, after leaving Deutsche Bank.

Additionally, Bear Stearns has hired David Wong to run marketing and Greg Fan to oversee trading in Hong Kong. Wong joins from AIG Trading, and Fan from the financial services company Sun Hung Kai. All the new recruits will report to Gottlieb in New York.

David Schoenthal, head of foreign exchange and metals, said that the firm was able to establish its precious metals business quickly by using its foreign exchange infrastructure.