SOURCE: GFI Group Inc

GFI Group Inc

July 12, 2010 06:00 ET

GFI Group Announces Senior Management Changes in Commodities and Energy

Richard Giles Appointed Managing Director -- Head of Commodities and Energy Brokerage, North America; Michael Cosgrove Continues as Managing Director Overseeing Strategic Initiatives in Commodities and Energy

NEW YORK, NY--(Marketwire - July 12, 2010) -  GFI Group Inc. (NASDAQ: GFIG), a leading provider of wholesale brokerage, electronic execution and trading support products for global financial markets, today announced changes to its senior management team.

Richard Giles was appointed Managing Director and Head of Commodities and Energy Brokerage, North America. Mr. Giles will be based in GFI's New York office and takes over from Michael Cosgrove. 

Michael Cosgrove remains a Managing Director at GFI Group and will be responsible for directing the firm's strategic initiatives in the North American commodities and energy sectors.

"Richard has been a very significant contributor to our success. His experience across asset classes combined with his strong management and financial skills will be of tremendous help in continuing the strong growth of GFI's North American commodities and energy business," said Colin Heffron, GFI Group President. "Richard is replacing Michael Cosgrove, who will now focus on strategic undertakings in the commodities and energy space. We wish to compliment Michael on his important contributions to the Company and wish him every success in executing new strategic initiatives for GFI."

GFI and its subsidiaries in North America provide brokerage services in a wide range of energy & commodity products such as electricity, coal, natural gas, biofuels, refined and crude oil, freight derivatives, precious and base metals, emissions and property derivatives through their offices in New York, Englewood NJ (Starsupply) and Sugar Land (Amerex).

The Company's hybrid business strategy features experienced brokers supported by advanced technology offering both electronic and broker-assisted execution. In North America, GFI operates EnergyMatch®, an online energy trading platform.

GFI's energy and commodity brokerage operations are renowned for their excellence, winning No.1 Energy & Commodity Broker overall for 2010 in Energy Risk & Risk magazine's annual Commodity Rankings 2010.

Background Information
Michael Cosgrove
Mr. Cosgrove started his career with Amerex Oil Associates in 1981 as a broker of international crude oil. In 1986, Mr. Cosgrove became a partner and Managing Director of Amerex's European operations. During the next 20 years Mr. Cosgrove expanded Amerex's business globally until in 2006 it comprised 250 employees serving a broad range of international energy and petroleum markets. In 2006 Mr. Cosgrove joined GFI in connection with GFI's purchase of the Amerex North American businesses. In 2004, Mr. Cosgrove was named in the Energy Risk Hall of Fame. Mr. Cosgrove was Managing Director and Head of Commodities & Energy Brokerage for GFI from July 2008 to July 2010.

Richard Giles
Mr. Giles previously served as Head of Credit for GFI Group in the United Kingdom where he looked after all of GFI's credit business in London including single-name credit default swaps, credit indices, corporate and high yield bonds, leveraged loans and structured credit, including index tranches. Mr.Giles joined GFI in 1993 and has worked in currency options, energy and credit in both Hong Kong and London.

About GFI Group Inc. www.GFIgroup.com
GFI Group Inc. (NASDAQ: GFIG) is a leading provider of wholesale brokerage, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.

Headquartered in New York, GFI was founded in 1987 and employs more than 1,700 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Dubai, Dublin, Tel Aviv, Calgary, Englewood (NJ) and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,400 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI SM, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, and Trayport®.

Forward-looking statement
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the "Company") and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; and uncertainties relating to litigation. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • For any queries or additional information please contact:

    Patricia Gutierrez
    Vice President - Public Relations
    GFI Group Inc.
    55 Water Street, 28th Floor
    New York, NY 10041
    Tel: (212) 968 2964
    Mob: (646) 717 4379
    patricia.gutierrez@gfigroup.com