Tradition poaches Tullett Prebon’s brokers for emerging market expansion

Interdealer broker Tradition has lured four staff from its competitor Tullett Prebon to expand its emerging markets capabilities in London and Johannesburg.

Quentin Younghusband and Jeff Hurley join the firm from Tullett Prebon in London, where they brokered emerging market currencies. Younghusband was a senior broker in spot South African rand, and previously spent time with Marshall Brokers.

Tradition has also hired Neil Standen, formerly a director of FX at Tullett, though his role at Tradition has yet to be defined. Meanwhile, David Rees joins the London emerging markets desk from BGC International in the same city.

In Johannesburg, Tradition has poached Robbie Kemp from Tullett's broking desk, while hiring Glen Davies, another emerging markets broker, locally from Icap. Both will work as FX specialists in the city, developing Tradition's spot and forwards business in African currencies.

All the new hires will ultimately be reporting to Mark Fennell, director of emerging markets, interest rates and bonds in London, who said of the appointments: “They represent around a 50% increase in headcount, and show the continued expansion of Tradition's emerging markets and options brokerage business.”

Tradition has opted to not pursue business in convergence currencies such as the Polish zloty and Hungarian forint, but instead to build up in what is being referred to as newer emerging market currencies where spreads are wider, including African currencies, the Israeli shekel and Romanian lei. The firm plans to hire further staff over the course of this year.