Eurotrader acquires UK broker Petra Asset Management
Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.
The hiring of key personnel across management, compliance, and trading over the course of the year has been in preparation for the license requirements and further expansion of Eurotrader’s growth strategy, the company said.
Petra Asset Management was authorized to deal in margined products such as CFDs, but its services are primarily targeted at high net worth and financially experienced investors. However, the company is not authorized to deal for own account, hold client funds or underwrite issues of financial instruments on a firm commitment basis.
Commenting on the acquisition, Eurotrader’s founder Ozan Ozerk said: “Eurotrader’s expansion-spree is going on without a pause. The acquisition of this FCA license is another big step for Eurotrader. We are determined to follow our strategy for global growth and ensure success with high-caliber appointments and additional licenses. We are getting closer to delivering on our vision to cater to a trader’s 360 evolving needs in a safe, secure, and reliable way.”
Marcelo Spina, Eurotrader’s CEO, added: “The acquisition of this FCA license is another significant step in our strategy for growth in product offerings and geographic distribution. There are some exciting developments scheduled for the next 12 months and I am very much looking forward to announcing these additional products and services.”
Martin Couper, Head of Global Compliance, also highlights the company’s ambitions: “The acquisition of the FCA entity is another step in our ambition to be a globally licenced broker. We will continue to build on additional licenses with the aim of continuously providing a safe, secure and reliable trading environment for our clients globally.”
Founded in 2018, Eurotrader is a forex brokerage firm owned by Eurotrade Investments RGB Ltd., which is headquartered in Limassol, Cyprus, and licensed to provide online trading products and services.
Part of a rebranding process, the company acquired new domains: eurotrader.com, and eurotrader.eu for the CySEC-regulated entity. Furthermore, the broker has recently lured many industry veterans to expand its senior leadership team.
Eurotrader Group made a series of changes to its management structure, culminating in the appointment of industry veteran Marcelo Spina as its Chief Executive Officer (CEO). Spina brings over two decades of experience in the financial service industry, having worked with an array of investment firms across his lengthy career that dates back to 1995.
