Tony Lim, the CEO and Managing Director of IG Asia, the Singaporean unit of IG Group (LON: IGG), will depart the corporate within the coming months, Finance Magnates has discovered. Lim has been main the Asian unit of IG since 2015.
Though the circumstances behind the upcoming exit of Lim stay unclear, one other long-term govt, Kevin Algeo, who was IG’s APAC and Africa CEO, just lately turned the goal of the dealer’s mass layoffs and stepped down from the function. A consultant of IG formally confirmed the strikes of Lim and Algeo.
IG introduced its plans to put off 10 % of its workers globally on the finish of final October, which was part of its huge cost-cutting effort. With the modifications, the brokerage group expects to ship full run-rate price financial savings of £50 million yearly.
Finance Magnates earlier reported that Robert van Eyden, IG’s former CEO of South African operations, was additionally among the many executives laid off beneath the cost-cutting technique. van Eyden just lately joined Rostro-owned Scope Markets because the CEO of South African operations.
The Upcoming Departure of An Trade Heavyweight
Lim is an business veteran with three a long time of expertise. Earlier than becoming a member of IG, he was Head of Retail Consumer Buying and selling Companies and Co-Head of the Non-public Consumer Group at Saxo Capital. He began his profession within the again workplaces of a neighborhood Singaporean brokerage after which entered the buying and selling pits of the Singapore Worldwide Financial Alternate (SIMEX) in 1994.
Regardless of the departures, IG can be witnessing some high appointments. Earlier this week, Breon Corcoran joined the London-headquartered dealer because the Chief Govt. He changed Charlier Rose, the dealer’s Chief Monetary Officer, who ran the group in an interim capability following the departure of former everlasting CEO June Felix final August.
Final month, IG promoted Matthew Davidson, who has been working within the firm for 19 years, because the CEO of its Australia and New Zealand unit. The dealer’s German unit additional appointed Eren Eraslan because the Head of Northern Europe.
In the meantime, the earnings of the London-based dealer have taken a big hit. Within the first six months of the fiscal 12 months 2024, the dealer’s income went down 9 % to £472.6 million, whereas its web buying and selling income fell 19 % to £402.4 million.
Tony Lim, the CEO and Managing Director of IG Asia, the Singaporean unit of IG Group (LON: IGG), will depart the corporate within the coming months, Finance Magnates has discovered. Lim has been main the Asian unit of IG since 2015.
Though the circumstances behind the upcoming exit of Lim stay unclear, one other long-term govt, Kevin Algeo, who was IG’s APAC and Africa CEO, just lately turned the goal of the dealer’s mass layoffs and stepped down from the function. A consultant of IG formally confirmed the strikes of Lim and Algeo.
IG introduced its plans to put off 10 % of its workers globally on the finish of final October, which was part of its huge cost-cutting effort. With the modifications, the brokerage group expects to ship full run-rate price financial savings of £50 million yearly.
Finance Magnates earlier reported that Robert van Eyden, IG’s former CEO of South African operations, was additionally among the many executives laid off beneath the cost-cutting technique. van Eyden just lately joined Rostro-owned Scope Markets because the CEO of South African operations.
The Upcoming Departure of An Trade Heavyweight
Lim is an business veteran with three a long time of expertise. Earlier than becoming a member of IG, he was Head of Retail Consumer Buying and selling Companies and Co-Head of the Non-public Consumer Group at Saxo Capital. He began his profession within the again workplaces of a neighborhood Singaporean brokerage after which entered the buying and selling pits of the Singapore Worldwide Financial Alternate (SIMEX) in 1994.
Regardless of the departures, IG can be witnessing some high appointments. Earlier this week, Breon Corcoran joined the London-headquartered dealer because the Chief Govt. He changed Charlier Rose, the dealer’s Chief Monetary Officer, who ran the group in an interim capability following the departure of former everlasting CEO June Felix final August.
Final month, IG promoted Matthew Davidson, who has been working within the firm for 19 years, because the CEO of its Australia and New Zealand unit. The dealer’s German unit additional appointed Eren Eraslan because the Head of Northern Europe.
In the meantime, the earnings of the London-based dealer have taken a big hit. Within the first six months of the fiscal 12 months 2024, the dealer’s income went down 9 % to £472.6 million, whereas its web buying and selling income fell 19 % to £402.4 million.
