Leading UK based online FX and CFDs broker IG Group has taken another step to shore up its international game, hiring a well known and experienced Hong Kong investment banker to be the firm’s new CEO, Greater China, focused on further developing its business in the region.
IG Group announced today that it has appointed John Fei as its new China CEO, with a mandate to grow IG’s business in Mainland China, Hong Kong and Taiwan as part of its continued investment for growth.
Over the last 12 months, IG has strengthened its Asia presence by recruiting key people with strong local networks and expertise gained from working with banks, stockbrokers and hedge funds in order to build a more sustainable, diversified and global business. We had reported that IG added Hong Kong banker Wu Gang to its board in September.
Mr. Fei has over 25 years of global financial services experience with a proven track-record in investment banking, capital markets and retail brokerage with leading international and local firms. His former roles include CEO of Maybank’s Kim Eng Securities Hong Kong, Head of Global Capital Markets for ICBC International and Managing Director of Zhong De Securities, a JV between Deutsche Bank and Shanxi Securities. He has lived in Hong Kong for 19 years and started his career in New York City. He will be based in Hong Kong and report directly to June Felix, CEO of IG Group.
“John will focus on growing our Greater China business by continuing to develop further corporate and distribution partnerships which are a critical component to our long-term strategy, build IG’s brand recognition in the Greater China region and further develop a strong local IG team,” June Felix, CEO, IG Group.
In Hong Kong, there is a £1 billion market in products similar to those IG offers in other parts of the world. In addition, Hong Kong has 500,000 individuals who could qualify as professional investors whilst Greater China has over four million individuals who could qualify for the same category.
This year IG opened a new office in Hong Kong, to establish a presence in Greater China, and said that it is in advanced discussions with corporate partners to serve the professional investor market in Hong Kong.
“I’m thrilled to be joining IG, a market leader with proven global capabilities, and look forward to working with our teams and partners to drive growth in the region,” said John Fei, CEO Greater China at IG. “The Greater China market, with its large client base and strong investor appetite for leveraged products, presents tremendous opportunities and potential.”
John Fei will work closely with Maggie Yeung, IG’s departing head of Greater China, over the next few weeks to ensure there is a comprehensive handover before Maggie leaves IG to join HSBC in December.