Collins Stewart merges G-7 currency options desks

Collins Stewart Tullett has merged the Group of Seven currency options desks of its Tullett Liberty and Prebon Yamane subsidiaries in London and Asia.

A broking source said Prebon’s Asian-based G-7 currency options team has been dissolved, with four having left the firm in Tokyo, Singapore and Sydney. These are Naoko Kato and Paul Yuki in Tokyo, Danny O’Keefe in Sydney, and Jamie Donovan in Singapore.

Meanwhile, Neal Phillips has joined Tullett’s G-7 currency options team in Singapore where he will work under the existing head of currency options in Asia, Peter Kydoniefs. Cary Ishida has joined Prebon Yamane’s interest rate options desk in Tokyo.

Daniel Prince has joined Prebon's Singapore office as a managing director of options for Asia, while Stephen Fierro has become head of the Prebon emerging markets desk.

Details of the integration of the London desks were not immediately available.

The development follows the reported appointment of Mark Spring, previously deputy director for Asia at Prebon in Singapore, as a director of BGC Partners, Cantor Fitzgerald’s voice-broking business. Two weeks ago, Craig Bannister, director of the Singapore office at Prebon, also left, and is believed to be joining Cantor. Both Spring and Bannister were made redundant, according to a spokesperson for Collins Stewart Tullett in London.

The departures come after Prebon’s acquisition by Collins Stewart Tullett in October. At that time, Tullett Liberty suffered a surprise defeat in the forex business, after its merger with rival Prebon Yamane saw the departure of Neil Standen, head of forwards at Tullett.

Collins Stewart Tullett is currently embroiled in a lawsuit with rival inter-dealer broker Icap and ex-Tullett senior managers of Asia in Hong Kong, Benny Luk and Vince Wong, for "breach of fiduciary duty", claiming the two conspired with Icap to poach 25 staff while still at Tullett. A court date has yet to be set.