CMC Markets elevates Michael Bogoevski to head APAC and Canada distribution
CMC Markets has promoted its long-serving executive Michael Bogoevski as its head of APAC and Canada distribution.
Based in Sydney, Bogoevski is tasked in the newly created role with leading the firm’s business development activities in the region across wholesale and institutional business channels. He relocates from Singapore where he spent more than five years, preceded by four years as head of sales trading (APAC and Canada).
Bogoevski promotion comes as CMC will be launching a new investment platform in Singapore within a year, as well as considering two other jurisdictions for launch in 2023. CMC says the move comes as the firm continues to diversify and expand its geographic footprint through its technology, leveraged institutional offering, and non-leveraged platforms.
Bogoevski has originally joined CMC Markets back in 2013, ending a 17-year tenure with a company he established in 2003 under the brand name UCG Finance. However, this wasn’t the first interaction with the UK listed broker as he worked as institutional business development at CMC Markets APAC between 2007 and 2013.
Other stops include different roles at Société Générale, Shirlaws and Rand Merchant Bank, part of career dating back to 1998.
CMC Markets, founded by tycoon Lord Cruddas, has set ambitious growth targets for their B2B arm of business which the company expects to achieve by catering to a greater range of institutional client types and their respective trading strategies. This will be further boosted with the launch of their new UK investment platform, which will offer both B2C and B2B potential.
Shares in CMC Markets lost nearly 25% of their value at one point in July after the spread betting and online trading company warned on higher costs, prompting analysts to slash their earnings forecasts.
The UK-listed brokerage firm said it expects operating costs to increase 5 percent as a result of a combination of higher personnel and non-personnel costs. Analysts said that such a rise in operational costs would imply a 10 percent hit to CMC’s core profits.
CMC Markets also reported a drop in revenues and customer income for the financial year 2022 as the market environment stabilised following a period of high volatility after the Covid-19 hit. The company said that subdued market activity resulted in less trading from both new and existing clients, making the latest to suffer from a slowdown following the pandemic investing boom.