The LCG exodus continues: Legal Counsel leaves, as does ICAP veteran Peter Wells, and Executive Assitant to directors

Adding to the list of senior executives to have left LCG after a very short tenure this month is Kate Valdar, the company’s Legal Counsel, as well as Executive Assistant Nicola Penn and ICAP FX veteran Peter Wells.

london

The revolving door culture within British spread betting firm LCG (formerly London Capital Group) is continuing, this time with a series of senior executives in departments other than operations, sales and marketing having left the firm.

It has been confirmed to FinanceFeeds this morning that Kate Valdar, the company’s Legal Counsel left the company officially at the end of May this year and is now on gardening leave, and Nicola Penn, the Executive Assistant who was brought in by the new management post-acquisition, has also left the company.

174198f
Kate Valdar

Ms. Valdar joined LCG in January 2015 from IG Group, where she was Senior Legal Counsel between 2010 and 2014, having spent the previous 9 years at PriceWaterhouseCoopers at management level.

Educated at the exclusive Haberdashers Aske’s School for Girls in North London, Ms. Valdar studied History at the University of Birmingham before gaining her PgDL (Diploma in Law) from the College of Law in London.

Nicola Penn has also left LCG after just one year as Executive Assistant to the board of directors.

Ms. Penn joined LCG in May last year having held Executive Assistant positions at fashion and perfume manufacturer Estee Lauder and beauty company COTY. When contacted by FinanceFeeds as to her reasons for departure, no comment was provided.

Peter Wells, who spent 28 years at British interdealer broker ICAP has also moved on, and is currently taking a break from life in The City.

Capture
Nicola Penn

Mr. Wells was one of the new recruits when the company was acquired by GLIO led by Charles-Henri Sabet, along with former IG Group COO for the last 15 years, Arman Tahmassebi, and Francois Nembrini, previously Managing Director of FXCMPro, FXCM’s institutional division for 12 years both whom left LCG after a very short time.

Mr. Tahmassebi is now COO at ETX Capital in London, and Mr. Nembrini leads Quantic AM, which is the new institutional division of AFX Group.

Mr. Wells spent just one year at LCG, a very short time compared to his 28 year tenure at ICAP.

In March this year, Ollie Rosewell also left LCG. Mr. Rosewell was Head of Brand Marketing at LCG between January 2015 and March 2016, before he left the company to become Head of Marketing at AFX Group.

Mr. Rosewell joined LCG almost immediately post-acquisition from IG Group where he spent 8 years as Senior Marketing Manager, after a 3 year stint at M&G in London.

AAEAAQAAAAAAAAWbAAAAJDYyZmQ2ZGExLWZhM2QtNGQxOS04NDQ0LWY1YjQxNDNiOThmZg
Ollie Rosewell

Last month, LCG canned its newly established LCG Digital division after just 6 months.

Based in Tel Aviv, and run by Amedeo Muscato who has a substantial background within some of Israel’s widely recognized digital media and affiliate market firms including senior executive positions at OptionTime and AffOption, The Nation Traffic, Playtech and TraffiNet, the division was established to run digital marketing initiatives.

This was all canned and when contacted by FinanceFeeds, Mr. Moscato did not proffer a comment. He has now moved on to pursue his own business, Soho Media, which provides boutique traffic to firm across web, video and mobile advertising.

Setting up an entirely new entity, in a different country to the main operations of a loss-making company whilst its balance sheet has been in the red since 2011 and then canning it just six months later could be construed as a very unusual step to take.

In the beginning of 2015, LCG’s losses ran at approximately £7 million for the first quarter, by the end of the year, the hole in the bucket had increased so much that the firm had made a £13.9 million loss for 2015.

3cf0549
Peter Wells

In spite of such losses, LCG moved its operations from Devonshire Square in the heart of the City of London’s financial district to the highly exclusive 1 Knightsbridge in London’s West End, and underwent a rebrand, part of which involved the purchase of the LCG.com domain for $175,000.

Very few of the original senior executive team that were elected to their positions in 2014 post-acquisition are still with the company.

 

 

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<