Retail broker executive Damian Reed has moved from London Capital Group (LCG) to Global Market Index (GMI).
Reed was with LCG for almost a decade, having joined the company in 2016. He worked on the broker’s sales desk and was responsible for growing and retaining the company’s book of clients.
LCG’s UK entity was brought under new management at the end of 2022, with ex-CMC Markets executive Matt Basi acting as Managing Director. The company has been operating via a white label agreement with IG Group.
The company had restrictions imposed on it by the Financial Conduct Authority earlier this year after Flowbank, a Swiss broker also operated by LCG owner Charles Tabet, went bankrupt. Those restrictions were subsequently lifted.
GMI has a UK entity that provides liquidity and technology to other brokers. It also has an arm that provides trading services to professional traders.
However, the firm also operates via other entities based in Mauritius, St Lucia, and St Vincent and the Grenadines.
These entities focus more on the retail market and appear to primarily be targeting clients in the ASEAN region.