BNP Paribas has hired a team of seven from Refco, the bankrupt futures broker, to bolster its commodity derivatives business.
Jeff Bauml joins the firm as a managing director in the New York office and will manage the team that will concentrate on building a soft futures franchise.
He reports to Jean-Marc Bonnefous, global head of commodity derivatives. Bauml had worked at Refco since 1990 and developed the soft commodity business.
Bauml had previously spent 17 years at Phibro, the commodities trading specialist, most recently as president of Phibro Latin America.
Jeremy Caldwell and Paul Bannister join the team based in London. Diana Brin, Chris Cody and Jason Spaziante join in New York. Augusto Duva joins in Sao Paulo. All six will report to Bauml.
BNP Paribas has also become a member of the New York Board of Trade. The bank said it represented a natural expansion of its global commodity derivatives and risk management franchise activities to agricultural commodities.
Jean-Marc Bonnefous added: "It will also support and complement the bank's lending activities in the sector of commodities and raw materials, as well as our fast growing practice in structured commodity basket and index products for investors."
Earlier this month, Cazenove, the U.K. broker, hired a seven-strong risk arbitrage team from Refco.
Refco filed for protection from creditors on October 17 after it emerged that former chief executive Philip Bennett had hidden $430m. Its assets were later bought by Man Group, the alternative investment firm.