JOHN Wall, a former UBS investment banking boss, yesterday took charge of London-based commodities broker Marex Spectron and revealed ambitious plans to usurp investment banks’ foothold in the market.
Wall, the global co-head of investment banking at UBS until his retirement in March 2011, will replace Roger Nagioff at the helm of the firm, which operates in metal, energy and freight markets.
He said regulatory pressures and market turmoil were forcing investment banks to turn away from the commodity brokerage space, opening the door for the firm to boost its revenues.
“They’re now becoming more internally focused,” he said. “The market will present opportunities for acquisitions and growth. If they come at sensible prices, we are well positioned to take advantage.”