Barclays Carbon Trader Joins Redshaw Advisors
LONDON, Sept 15 (Reuters) - Barclays' former lead carbon trader, made redundant by the British investment bank last week, has joined a London-based start-up firm founded by a former colleague.
Tom Lord, who ran the Barclays emissions desk over the past year, has joined Redshaw Advisors, a carbon trading advisory firm started this year by Louis Redshaw, who was head of the Barclays carbon trading desk between 2004 and early 2013.
Lord will take up the role of senior trader at Redshaw Advisors, becoming the firm's fourth full-time employees.
"Tom deepens our bench and will help with our rapid expansion," Redshaw told Reuters, adding that the firm is aiming to double its headcount by the end of the year.
After Barclays decided this year to shut its European and U.S. energy trading desks, Lord said he had been given the job of winding down the bank's positions and closing its trading book.
A Barclays spokeswoman declined to comment on the move, adding that she could not immediately confirm that the bank had completely exited the international carbon market.
Redshaw Advisors has also hired Ben Stone, another former Barclays employee, to consult on trade logistics.
Stone had been a vice president of EMEA commodities trade support and logistics at the bank since 2011.
Redshaw Advisors, which provides price risk management, trade strategies, and carbon finance to clients, is betting on a return to growth for the world's emissions trading markets, many of which have been dented by low prices and falling demand after the global economic crisis.
Carbon dioxide allowance prices around the world have plummeted since 2008, partly because of the crisis but also because governments have stopped short of committing to more ambitious action in cutting greenhouse gas emissions. (Reporting by Michael Szabo