KVB Kunlun’s exec director Ng Chee Hung Frederick resigns
The resignation, effective November 17, 2017, is attributed to Mr Ng’s future personal plans.
Hong Kong-focused retail FX broker KVB Kunlun Financial Group Ltd (HKG:8077) has today announced the resignation of Mr. Ng Chee Hung Frederick as executive director of the company.
According to a filing with HKEX, the move is effective November 17, 2017. The resignation is attributed to Mr Ng’s personal future plans. He has confirmed that there is no disagreement between him and the Board of KVB Kunlun.
Mr Ng has more than 26 years of experience in the financial services industry. Prior to joining KVB Group, he had worked at corporations in Hong Kong, Toronto, Tokyo, Singapore and Shanghai. From 2002 to 2006, Mr Ng was the managing partner of Quantitative Asset Management Group where he was responsible for managing and overseeing daily operations including all trade execution and reconciliation. From 1992 to 2002, he was employed with Credit Agricole Group and served in various positions including vice president and regional forex manager – North Asia, senior vice president and head of forex trading hub – Asia, treasurer – China, and head of sales of Greater China and assistant general manager of capital markets. From 1978 to 1992, Mr Ng was employed with the Royal Bank of Canada and last held the position of forex manager.
Mr Ng is a certified hedge fund specialist conferred upon by the Hedge Fund Association of Canada in September 2003. He is a member of the Institute of Public Accountants, Australia and a certified member of the Institute of Certified Management Accountants, Australia.
Earlier this month, KVB Kunlun posted its results for the first six months of 2017. The company blamed the decreased overall volatility in the FX and commodity markets for the fall in gross trading revenue. The leveraged foreign exchange and other trading income of the broker decreased by about 1.9% to approximately HK$158 million for the six months ended June 30, 2017 from approximately HK$161 million in the corresponding period in 2016.
However, new client registrations and total client trading volume increased during the first half of 2017 compared to the first half year of 2016. XAU/USD was the most popular product traded by KVB Kunlun’s clients, followed by EUR/USD, USCRUDE, USD/JPY and GBP/USD.
The net profit for the first six months of 2017 was approximately HK$3.1 million, substantially down from a net profit of approximately HK$34 million registered in the first six months of 2016. The decrease in profitability was blamed on higher referral expenses and other charges, as well as an increased expenditure due to KVB’s business expansion.
