| Rothschild fix gold price { June 9 2003 } Original Source Link: (May no longer be active) http://reuters.com/financeArticle.jhtml?storyID=2899143&newsType=usGoldRpt&menuType=marketshttp://reuters.com/financeArticle.jhtml?storyID=2899143&newsType=usGoldRpt&menuType=markets
UPDATE 1-Rothschild to set up oil trading arm Mon June 9, 2003 10:19 AM ET (Rewrites with confirmation from Rothschild)
LONDON, June 9 (Reuters) - Investment bank N M Rothschild & Son is to set up an oil trading business alongside its gold and precious metals trading operations, a spokesman for the bank said on Monday.
Rothschild [ROT.UL], which has long-standing associations with gold trading, plans to establish an oil risk management business focused on the over-the-counter market.
The bank aims to launch the business by the summer and will hire a team of six traders.
Rothschild, one of only a few remaining family-held investment banks, is an adviser to some leading energy companies, making the move into oil trading a logical step, banking industry sources said.
Last year, the bank advised electricity firm National Grid on its 14.8 billion-pound ($24.63 billion) merger with gas pipeline firm Lattice.
Rothschild has traditionally traded commodities, but stopped trading base metals about two years ago to focus purely on gold and other precious metals.
Rothschild chairs the London gold fix, where five banks fix the price of gold twice a day, a process that has gone on for more than 80 years.
|
|