eToro picks ex-Alley Invest President as its next CEO
eToro, a multi-asset investment platform, has announced the appointment of the ex-President of Alley Invest Lule Demmissie as its next CEO for the US.
She will be responsible for the business development of the platform in the region and would also be involved in the strategizing of its operations with an eye on growth and user adoption. Before Alley Invest, she had been the managing director of investment products and digital guidance at TD Ameritrade and also has experience of working in JP Morgan, Morgan Stanley, and Merrill Lynch as well, in various capacities over the years.
“I have spent my career furthering the empowerment of retail investors and championing financial well being,” said Demmissie on her appointment. “eToro’s breakthrough blend of innovation in social investing, copy trading, as well as its groundbreaking efforts in digital assets, is what drew me to this amazing brand and team.”
For now, the business for eToro in the US is restricted to copy and crypto trading due to the regulatory control over there though the transaction volumes in the region continue to show slow and steady growth over the last few months. The company also plans to introduce commission-free trading towards the end of the year and the new CEO would be expected to lead this initiative and at the same time, ensure that regulatory compliance is maintained at all times so that the company doesn’t get into trouble with the regulators.
Shalom Berkovitz, eToro Group CFO, and Deputy CEO said: “I am delighted to announce the appointment of Lule Demmissie as eToro’s US CEO. The US market is an essential part of eToro’s trajectory and strategic future and Lule’s unique blend of innovation in fintech, brand expertise, and operational excellence is an important addition to the eToro leadership team. Lule brings with her a passion for investor behavior, agile product development, and an appreciation of behavioral science and design thinking in shaping user-centric experiences. She is a long-standing advocate for empowering everyone to take control of their financial futures which aligns perfectly with eToro’s global vision. We are excited about the contribution she will make to eToro and look forward to her leading our US business as we scale our product offering for US users.”
The company has also promoted Guy Hirsch as its managing director for the global and US NFT, a new division that has started to drive the company’s initiatives in the NFT space in the coming months. This is a recognition of the role that he had played in growing the US business of the company and it is expected that his passion for blockchain would help to drive the business.