Vitol Veteran Duncan Preston Joins Cornerstone Global Commodities

NEW YORK, March 19, 2015 /PRNewswire/ -- Cornerstone Global Commodities is pleased to announce that it has been joined by Duncan Preston, formerly of Vitol. Preston, who will be based in London before opening Cornerstone's Dubai office, brings substantial experience and knowledge of the commodity markets in Europe, the Middle East and Africa, with particular expertise in structuring finance solutions, joint ventures and investments in physical commodity businesses.

Brian Murphy, Founding Partner at Cornerstone, said: "Duncan's expertise and skills are a powerful addition to the abilities of this energetic brokerage firm, as it expands its offering from traditional introducing broker services to comprehensive consulting and financing solutions for commodity companies."

Matthew Leone, Managing Director responsible for New Business Development at Cornerstone, added: "Duncan joins the Cornerstone team at a very exciting time in Cornerstone's growth. While banks retreat from the commodity financing space, Cornerstone not only offers clients risk management solutions, but also has secured substantial committed capital for deployment in simple and innovative inventory and margin financing arrangements. We believe that Cornerstone is the first independent non-bank broker to provide such a comprehensive, flexible and accessible set of solutions to the key issues facing commodity companies today." 

Cornerstone Global Commodities is a leading global brokerage and consultancy firm specializing in energy and other commodity derivatives. It has offices in London, New York and Houston.

Background note:  The commodity linked finance market has traditionally been dominated by banks. Typical arrangements have been bespoke and complex, with substantial documentation and long lead times. This has been driven in part by banks' high costs, internal capital and credit requirements and extensive procedural hurdles. The non-bank capital which Cornerstone has secured will permit commodity market participants to access similar solutions through Cornerstone completely independently of banks without the need for such lengthy negotiations, complex fee arrangements, substantial covenant sets and limited hedge counterparty options that have previously characterized such arrangements. While banks will continue in this space, this move by Cornerstone raises the bar in flexibility, transparency and speed of execution in the commodity linked financing markets. Further information at www.cornerstoneglobalcommodities.com.

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