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New Role and Additional Appointments Further Group's Strategic Alignment
HOUSTON, June 9 /PRNewswire/ -- Fortis Energy Marketing and Trading,
a division of Fortis Merchant Banking, today announced the hire of Don Black, 43, as Head of Power & Gas Trading. Mr. Black will be based in Houston, TX and will report directly to Luc Machiels, President of FEMT and Deputy Head of the Global Energy & Commodities Group. Mr. Black will join FEMT in August 2008. David Green, Head of Gas Trading and Lloyd Jackson, Head of Power Trading will report to Mr. Black.
Fortis also announced that it has consolidated oil trading activities into its Houston and London offices. With this consolidation, Global Oil Trading is now being managed under the direction of James O'Brien, who has been named Global Head of Oil Trading and has relocated to Houston from Fortis' Singapore office. Prior to joining Fortis, Mr. O'Brien was Head of Commodities Trading Asia at Lehman Brothers. Mr. O'Brien will report to Mr. Machiels.
Today's announcement is the latest in a series of strategic appointments designed to position FEMT for growth across its principal business lines: power & gas trading led by Mr. Black; oil trading, led by Mr. O'Brien; structured origination and marketing led by David Duran; and contractual asset management led by Bruce Sukaly.
"Don is a well-known industry veteran who has been a leader in the energy trading business for more than 20 years," said Mr. Machiels. "FEMT is among the top-tier players in energy commodities with full coverage in North America. Our advantage is driven by our ability to combine FEMT's well-developed presence in the physical and financial energy markets with our financial structuring expertise."
The addition of Mr. Black, the recent appointment of Bruce Sukaly to head the Asset Management Group, the relocation of James O'Brien, and the promotion of Lloyd Jackson, combined with FEMT's existing management create a formidable leadership team that will deliver growth in Fortis' business.
Mr. Black will be leaving his role at UBS as Managing Director and the Head of Natural Gas Trading for North America. Mr. Black joined UBS as part of the 2002 Enron acquisition. From 1993 to 2001 at Enron, Mr. Black was Vice President, Energy Trader and Project Manager for many oil, gas and electricity markets within and outside the United States. He also managed the Texas Desk and launched the power and gas trading and risk management teams in Argentina and Brazil. Mr. Black started his career in 1987 with Kidder, Peabody Incorporated where he was an Energy Trader and Risk Manager in Houston and New York.
"FEMT's management team plays a critical role in developing Fortis' energy business. I am impressed by the caliber of these managers and the experience that they bring to our clients and firm," said Waldo Abbott, CEO of Fortis Americas. "We believe there are even greater opportunities for our clients moving forward. The fact that FEMT is part of a larger lending institution means that we can provide clients with a greater range and quality of financial and risk management strategies and services."
About Fortis Merchant Banking
Fortis Merchant Banking provides high-value tailor-made services to medium-sized companies, large corporations and institutional investors. As a worldwide organization, we have developed special expertise in cash & treasury management, debt, equity and structured finance, trading & financial risk hedging, financial advisory and structuring. We serve commodity producers, traders and distributors all over the world. We are a world leader in fund administration, global custody, securities lending and clearing services. Thanks to an integrated network, the Business combines the strength of an international group with local expertise and proximity. Dedicated Relationship Managers coordinate all banking facilities and can call on specialists in all fields.
About Fortis
Fortis (Euronext Amsterdam: FORA / Brussels: FORB) is a global financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. As of May 30, 2008, Fortis has a market capitalization of EUR 34.6 billion (USD 53.9 billion). Together with ABN AMRO, we have a presence in over 50 countries and a dedicated, professional workforce of more than 85,000. More information is available at www.fortis.com.
Source: Fortis Energy Marketing and Trading
Web site: http://www.fortis.com/
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