Michael Cosgrove has replaced Ian Clague as managing director and head of energy and commodities for North America at energy brokers GFI (which acquired Amerex in 2006), while former chief operating officer Clay Davis has been promoted to the role of president, reporting to Cosgrove.

Cosgrove began his career as a trainee at Amerex in 1981, and rose steadily through the ranks, becoming partner five years later. Cosgove founded Amerex subsidiary Amerex Futures and has focused on providing risk