IG Group targeting Plus500 employees, looking to open Israel office – Globes

Israel business newspaper Globes, which never seems to shy away from the rumor mill when it comes to reporting on either Israeli tech companies or on favorite target Teddy Sagi, has reported that leading UK spreadbetting company IG Group Holdings plc (LON:IGG) has been targeting employees of Plus500 Ltd (LON:PLUS), following the recent problems faced by a Plus500 UK client freeze.

Plus500 has made a major dent in the UK online trading market over the past two years, claiming a Top-5 placing in UK CFD trading.

According to Globes, IG wants to recruit employees from the Israeli company. They cited sources stating that IG recently published announcements on its LinkedIn and Facebook pages proposing that Plus500 employees go to work for it. (We checked IG’s Facebook and LinkedIn pages and didn’t find anything of the sort. Of course, it is possible that earlier posts might have been removed.)

Globes also stated, citing ‘sources’, that IG plans to open an office in Israel, probably in Haifa where Plus500 is based. Former FXCM Israel CEO Tal Zohar, appointed to IG’s management last November, will lead the company in Israel according to Globes.

One final rumor eagerly reported by Globes: Although it didn’t cite any sources and did admit that ‘There is no proof of this theory’, Globes noted that ‘it was said’ that IG had a hand in creating Plus500’s current crisis – or to put it bluntly, that IG had sent some kind of message to UK regulators about how Plus500 conducted its business, setting off a warning light.

it should be noted that the main thrust of the Globes article, including its title, surrounded major Plus500 shareholder Odey Asset Management and their objection to the £4-per-share sale of Plus500 to Teddy Sagi’s Playtech PLC (LON:PTEC) – something LeapRate readers may recall that we reported on more than a week ago.

To see the original Globes article click here.

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