Nov 3 (Reuters) - Proprietary trader DRW Holdings LLC is set to open an office in Houston by mid month as it moves into the physical energy trading business.
The Chicago-based trading firm founded by Don Wilson has hired a team formerly part of Martin Energy Trading, a subsidiary of Texas-based Martin Resource Management Corp, it said in a statement on Thursday.
Its Houston office will have 10 traders, researchers and operations staff, with additional energy traders hired in the near term.
Jeff Searle, formerly a senior vice president at Martin Energy Trading, will become the new head of Houston trading, while Mike Dunlap, a former senior distillate trader, will head up the refined products trading.
The company is also planning to grow into trading natural gas liquids, biofuels and crude oil.
DRW is one of the world's largest proprietary firms with more than 800 employees in offices in Chicago, Austin, London, Montreal, New York and Singapore. (Reporting by Catherine Ngai in New York; Editing by Lisa Shumaker)