It looks like Saxo Bank might end up being sold in pieces.

More than six months after hiring investment bank Goldman Sachs to oversee a sale of the company, while also indicating that it was reviewing “strategic opportunities” for its overall APAC region operations, Copenhagen based Retail FX and CFDs broker Saxo Bank has announced that it has sold its ASIC licensed Australia business to South Africa’s DMA.

DMA buys Saxo Australia

DMA, which provides software solutions for institutional investors, financial advisers and wealth managers, has entered into an agreement to acquire a majority stake in Saxo Australia as it launches its offering in the Australian marketplace.

Through the change in shareholding, Johannesburg-headquartered DMA will assume (subject to regulatory approvals) 80.1% ownership of the Australian business, while Saxo Bank will retain a 19.9% equity stake.

As part of the change in shareholding, Saxo Australia will continue to leverage Saxo Bank’s platform and trading technology, helping to ensure business continuity and minimal disruption for clients.

The transaction is expected to close in the second half of 2025.

The parties said that the new name and brand of the business will be established following a transitional period, during which the business will continue to operate as Saxo Australia. The business will also retain Saxo Australia’s staff, under the leadership of CEO Adam Smith, while looking to bolster its Australia-based client service capacity.

CFDs sector exit activity

Saxo Australia’s sale marks a very busy first-few-weeks-of-2025 in terms of “exit” activity in the online trading sector, which normally does not see very much. Just last week one of the oldest names in the Retail FX and CFDs business, OANDA, was acquired by Czech based prop trading firm FTMO. And last month we reported that social trading leader eToro was launching an IPO in the US market, that will seek to value the business at about $5 billion.

Saxo Australia post acquisition

Back to Saxo-DMA, the change in shareholding means Saxo Australia’s vast investment product range, high-touch service and competitive brokerage will be complemented and strengthened by DMA’s business-to-business knowhow, world-class adviser offering, and track record of growth.

Once launched, DMA’s proprietary software as a service (SaaS) will enable Australian institutional investors—such as financial advisers and asset and fund managers—to seamlessly connect front, middle and back-office functions under a single solution, from clearing and settlement to execution and custody.

This will support financial services firms to reduce back-office cost and complexity, enhance their client-facing service, and sustainably grow their business.

More than 160 wealth managers and adviser networks across Africa, Europe, and the United Kingdom currently use DMA to access global markets, all from a single platform.

DMA CEO Richard North said,

“We believe DMA’s platform offering will bring tangible benefits to Australian financial advisers and wealth managers, while the business will continue to focus on delivering high-touch, high-quality service for self-directed retail clients. It’ll be the best of Saxo and the best of DMA—and we think that adds up to the marketplace’s best choice for investors across the entire lifecycle.”

Saxo Bank CEO and Founder Kim Fournais said,

“With this agreement with DMA, Saxo Bank leverages its core strength—providing a scalable and multi-asset trading infrastructure with our award-winning platforms. We couldn’t be more pleased to partner with DMA as we seek to capitalise on the huge opportunity in the Australian market and fully leverage this win-win solution to get more curious people invested in Australia.”

“We will ensure a smooth transition and aim to enhance the offerings and services provided,” Mr. Smith said. “The clients of Saxo Australia will notice no disruption in service, product range, or platform access. We are very pleased to partner up with DMA and believe that this will be a game changer for Australian clients.”