Looking back at the most intriguing and popular industry news from the past week between 15th and 19th March on LeapRate.
London Stock Exchange Group plc (LSEG) has announced Lea Carty’s appointment as Group Head of Investment Solutions. Working to drive sustainable growth for investment management customers, Carty is set to report to Chief Product Officer, Data & Analytics, Andrea Remyn Stone, and will be based in the US.
Switzerland-based online trading platform, Swissquote, revealed that a significant rise in net revenues and net profit along with a substantial increase in the number of active clients. The broker reported net revenues of CHF 317.3 million in 2020, which is 37.6% higher than the net revenues registered in 2019. Swissquote also noted a rise in the number of accounts. The company reported adding 50,636 accounts, reaching the highest number on record with a total of over 410,000 accounts.
Credit Suisse Group AG’s Board of Directors has announced the appointment of Ulrich Körner as CEO Asset Management. Körner’s new role will begin 1st April 2021, when he will also begin duties as a member of the Group’s Executive Board, reporting directly to Group CEO Thomas Gottstein. Körner has extensive Executive Board level experience in the financial services industry, spanning asset management, operations, and finance.
Robinhood has appointed former Google executive Aparna Chennapragada as Chief Product Officer. Chennapragada will lead all product, design and research for Robinhood in the development of new products. She has experience in the financial world from her seat on Capital One’s board. A veteran in the tech industry with 20 years of experience, Chennapragada spent 12 years at the tech giant Google. Most recently, she was vice president and general manager for Google’s consumer shopping products.
SIX Group, the financial services company that operates the infrastructure for the Swiss financial centre, published its financial results last year. The Group registered a significant leap in operating income which reached CHF 1,375.9 million, marking a 21.8% rise compared to 2019. The Group reported that earnings before interest, tax, depreciation and amortization (EBITDA) amounted to CHF 368.9 million, up 72.8% compared to 2019. The total net profit of the Group was CHF 439.6 million.
eToro Group Ltd confirmed its plans to merge with blank check company FinTech Acquisition Corp. V and become listed on NASDAQ. eToro’s announcement confirmed that the estimated implied equity value of the merger is $10.4 billion at closing, putting the implied enterprise value for eToro at $9.6 billion. The announcement further revealed that $250 million will be raised from FinTech V’s cash in trust and $650 million from private placement in the public equity. The company reported that institutional investors including ION Investment Group, Softbank Vision Fund 2, Third Point LLC, Fidelity Management & Research Company LLC and Wellington Management will receive the equity at $10 per share.
Qontigo has revealed the appointment of Neal Pawar as Chief Operating Officer. Most recently, Pawar served as Group Chief Information Officer at Deutsche Bank and, prior to that, as a Partner and Chief Technology Officer at AQR Capital. Pawar has diverse experience working for a various leading firms in multiple segments of the finance industry. Prior to joining Deutsche Bank in September 2019, Pawar spent five years at AQR, where he led the modernization of infrastructures that helped to propel the transformation and scaling of the company.