The former Macquarie star commodities trader Nick O’Kane has agreed terms to join Mercuria as the Swiss trading house seeks to expand its gas and power business, according to people with knowledge of the discussions. Under the preliminary agreement, O’Kane would be initially based in Dubai, the people said. The fifty-year old Australian is to join in a senior leadership role to grow Mercuria’s gas and power activities, particularly in Asia, one of the people added.
The trader had been tipped as a potential successor to Wikramanayake. Privately owned Mercuria has not outlined a succession plan for chief executive and co-founder Marco Dunand, who is 63 this year. A person close to Dunand said he had no immediate plans to step down. Mercuria — founded by Dunand and fellow former Goldman Sachs trader Daniel Jaeggi in 2004 — has hired senior bankers before. In 2014, the company recruited Magid Shenouda, a former co-head of commodities at Goldman Sachs.