Freepoint Commodities LLC, the energy-trading company founded last year by three former RBS Sempra Commodities LLP executives, will open an office in Asia this year to tap growing demand for raw materials in China.
“For us as a start, it will probably be Singapore and or Beijing,” Chief Executive Officer David Messer said in a phone interview on Jan. 10 from Greenwich, Connecticut. “China is clearly one of the largest consumers on the globe of a variety of the commodities which we are trading.” He didn’t say what the company plans to trade.
The company, which entered U.S. power and natural-gas markets in June, hired more than 25 traders as competitors are cutting workforces. Cargill Inc. said last month it would cut as many as 2,000 jobs globally and is restructuring its European energy trading operations. JPMorgan Chase & Co.’s managing director for environmental markets left his post in New York at the end of last year after his team was shrunk.
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