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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… LeapRate has learned via regulatory filings that Tamas Szabo (pictured above) has stepped onto the board of Pepperstone Limited, the FCA regulated subsidiary of leading Australia based Retail FX broker Pepperstone, as Pepperstone begins to expand its operations in the UK and Europe.
As was exclusively reported by LeapRate, last October Pepperstone hired Mr. Szabo, the longtime CEO of Australia-New Zealand as well as Head of Asia Pacific for IG Group Holdings plc (LON:IGG). Mr. Szabo was brought in as the new global CEO of Pepperstone, and soon after that the former highest ranking member of (non-ownership) management from before Mr. Szabo’s arrival, General Manager and CEO of APAC Phil Horner, decided to leave the company. Phil Horner was also a director of Pepperstone UK, so effectively Mr. Szabo is replacing Mr. Horner on the Pepperstone UK board.
In addition to his experience in Australia and the Far East Mr. Szabo also has operational experience in the UK. He had been with IG since 1996, joining initially as a trainee in London and moving up the ranks to become Head of Dealing for the UK’s leading online broker, before moving to Australia in 2004 for IG to become Managing Director of its Australia operation.
Pepperstone’s UK-based management team, led by former Admiral Markets UK CEO Iain Rogers, has been focused on growing clients since September 2017 after establishing the business post the acquisition of FCA regulated 123fx.com. When asked about the UK operations and the proposed regulatory changes, Mr. Szabo said:
Pepperstone is well-positioned for the regulatory changes and for opportunities that may arise in any market consolidation.
The changes at Pepperstone, including the planned UK/EU expansion, have been made after control of the company passed from founders Owen Kerr and Joe Davenport to Australian private equity firm CHAMP Private Equity, which made a multi million dollar investment in the company in 2016.