Newedge expands in Asia despite gloom

French brokerage Newedge has made two senior appointments in Hong Kong and Singapore as it continues to grow its business in the region following its creation in January 2008 from the merger between Calyon Financial and Fimat, the brokerage arm of Societe Generale.

Since the merger, Newedge has focused on building capabilities in prime brokerage, foreign exchange and metals to diversify away from its core business of listed futures and options. As a result, the firm has grown in Asia despite lay-offs in some of its existing product businesses, with headcount rising from roughly 500 at the time of the merger to 560 today.

The futures and options market is reducing globally, says Pierre Gay,...