FNG Exclusive… FNG has learned that Union Standard International Group Limited, the London based, FCA regulated arm of the USGFX group, has hired seasoned Retail FX industry executive Damian McDowell as its new CEO.

Mr. McDowell replaces Simon Quirke, who led USGFX-UK since 2018 until resigning earlier this year, as was also exclusively reported at the time by FNG.

Damian McDowell served as the CEO of TIO Markets UK until leaving the company earlier this year (also, as was reported exclusively by FNG). He joined TIO Markets UK – then known as FXPrimus Capital Markets UK – in 2016 from KapSecure Asset Management, where he was COO. He had previously worked as Director-Activ Trading at ICAP, and as a Fixed Income Trader at Marex Spectron.

Back to USGFX…

The USGFX group globally has been in the process of rebranding to USGForex.com, to distance itself from the ongoing bankruptcy and liquidation of the group’s former crown jewel, USGFX Australia. However the UK company continues to operate using the usgfx.co.uk url. (The usgfx.com url is owned by the bankrupt Australia company and has thus been made inactive, another reason for the group to move away from the “USGFX” name). USGForex.com now presents as an offshore St. Vincent and Grenadines company.

At some point following the bankruptcy of USGFX Australia in mid 2020 the group had said that it would look to move its global headquarters and nexus to London, but that doesn’t seem to have actually occurred. Perhaps Mr. McDowell’s hiring will change that. Controlling shareholder Soe Hein Min is reportedly resident in Myanmar and remains in contempt of court in Australia for refusing to cooperate with the USGFX Australia liquidators. The USGFX Australia bankruptcy, which apparently includes tens if not hundreds of millions of unaccounted-for client funds, had hurt the USGFX brand and made it difficult for Simon Quirke and his team to successfully run their UK-based operation with (effectively) the same name.