Shipping veteran David Palmer says rumours of his departure from the industry have been greatly exaggerated.
After quitting Singapore's IMC Group last month, Palmer has resurfaced as an investment banker at Norway's Pareto Securities.
Palmer, who has taken on the role of managing director at Pareto's newly established Singapore office, says he has been tasked with building Pareto's business in Asia, marketing Pareto products and services to Asian customers and helping bridge the capital requirements and resources of the East and West.
"I hope to contribute through my maritime contacts and knowledge of Asia and will work alongside Pareto experts to build Pareto's franchise in Asia. It will be an exciting time," he told TradeWinds.
Palmer says he is no stranger to the world of ship finance, having managed several high-profile deals for IMC and Aurora Tankers, including the investment in and the divestment of eight panamax tankers in a $424m deal that was hailed by Marine Money as a Deal of the Year in 2005.
Explaining his decision to leave IMC, Palmer says he wanted to explore a new career. "The doors we open and close each day decide the lives we live and it was time for me to move on. I have left IMC and Frederick Tsao as an old friend, with fond memories of several large deals done over 3.5 years," he said.
Pareto Securities is an independent finance house, focussing primarily on the shipping, offshore and oil-and-gas industries.
Its greatest strength is its placement power on international markets. The company also performs sale-and-purchase broking through Pareto Shipbroking and chartering through PF Bassoe.
Pareto Offshore is involved in the offshore oil-and-gas industry, while Pareto Equity is involved in mergers and acquisitions, as well as shipping-syndication work.
