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Brokerage Mint Partners to start Singapore operations
London-based Mint Partners, which was acquired by interdealer broker BGC Partners Inc in 2010, is expanding into energy brokerage in Asia by starting a middle distillates broking desk next month, industry sources familiar with the matter said.
Interdealer brokers operate in the over the counter derivatives market and act as intermediaries between major dealers to facilitate trades between them. Mint Partners has hired at least two middle distillates brokers, Andrew Pearce and Elliot Pitcher from rival firm ICAP to start the desk in June, the sources, who have knowledge of the situation, said. Four others, two from OceanConnect, one from BGC Radix and one from TFS Energy could also be joining the firm, added the sources, who asked not to be identified. But this could not be confirmed. It is unclear if the brokerage firm plans to offer the whole spectrum of energy products, but one of the sources said it could also be starting a fuel oil and crude oil desk.
Singapore Stock Updates
Goldman Sachs said it recommended buying quality Singapore real estate investment trusts (REITs) with attractive dividend yields as the market emphasises a defensive posture.
"Alongside a rising SGD (Singapore dollar), we believe quality SREITs will outperform as the global macro backdrop remains challenged in the near term," it said. Goldman favoured retail REITs for their visible distribution per unit or organic growth, underpinned by firm tenant sales. Their lower dependence on acquisitions for growth is also a plus, Goldman added.
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