Allard Jakobs gave an interview to the Dutch financial newspaper Financieele Dagblad. After some overly ambitious mission statements (world power), he commented on his recent acquisition of rival Saen Options. Most executives would remain cautious, politically correct and avoiding stepping on toes. Not in this case, and it turned out to be a highly entertaining interview.
First of all, the management of Saen Options really blew it. No organization apart from the trading desks and lacking a strategy. Everything was focused on trading and making money. Over 2008 Saen was marginally profitable, partly due to suffering from millions loss on trading Volkswagen options. The most curious quote was on the secretive nature of Saen. Some traders had a special condition in their contract barring them to talk about their trading with their own fellow traders within Saen. Sounds perfect for the company spirit.. what else to talk about?
It’s a relief All Options’ boss isn’t a believer of the “merger of equals” fairy tale. They own it, and will dominate the company structure and culture.
(Original interview in Dutch over here)