Axia Energy Europe plans to hire up to 15 energy derivatives professionals to expand its structured products desk in London. Uday Narang, managing director and head of trading for Europe, said it plans to hire five or six structurers and eight or nine quants for structured products across power, gas and weather derivatives. The department has approximately five pros at the moment and forms part of the trading division. The pros will be based in London and are expected to be on board by the summer.
Mark Callaway, director of marketing and origination for power and gas in London, said, "structured products will be marketed to utilities and large consumers of power and gas in the U.K. and Germany."
Narang added that the plans to bulk up in London result from the merger between Koch Energy Trading and Entergy Trading and Marketing. He believes the combination of Koch's trading capabilities and Entergy's ownership of two natural gas-fired generation stations in the U.K., puts it in a good position to offer structured products. The products will be across asset classes.
