UK based FCA regulated STP brokerage service provider Global Markets Group (GMG) recently revealed in its announcement that the firm’s Chief Executive Officer is set to part ways with the firm. As per the statement issued by the firm, its current Chief Executive Officer and Managing Director Mr. Alex Lakobachvili is resigning from his role after holding the position for nearly 14 months. He took on his role as Chief Executive Officer back in August of 2018 while also joining the firm’s management board as one of its members. Alex joined the London based broker back when it was in the initial stages of restructuring and reorganization process. As part of restructuring the firm, it also raised new capital worth nearly 250,000 GBP post Alex taking up his role as Chief Executive Officer.
But the move failed to provide the firm with any favourable breakthrough which was expected as the firm’s financial performance still remains disappointing so far this year. While the firm’s overall revenue saw a slight boost of 212,000 GBP in 2019 from 202,000 GBP in 2018, its operational losses have more than doubled reaching 432,000 GBP in 2019 from 190,000 GBP seen in 2018. Prior to taking up his current role as Chief Executive Officer and MD of the firm, he served in role of Vice President of Sales at Global Market Index Limited for a short period of five months. Prior to Global Market Index, he served as Vice President at CFH Clearing Limited for nearly seven years and ten months. While he has spent the better part of his career over serving at firms which are located and regulated in UK, he has more than two decades of experience serving in financial services industry while he spent the first half of his forty year long career serving in Oil and Gas industry.
Alex started his career as CHC at CMC Komet where he spent nearly 16 years post which he served as Director of Targetpoint for nearly two and a half years. Alex started his career as Senior Account Manager at IDEA Global Ltd, a London based independent real-time financial information analytical service provider for ten years and four months. Post his decade long tenure with financial analytics firm, he joined financial data providing giant Thompson Reuters and served as Director of Bank Sales for their FXAll product service based out of the firm’s London office. He then served several other financial service providers such as London Capital Group and Squared Financial Ltd as part of their institutional sales and IB team post which he took up his role at CHF Clearing Ltd. While the firm stated that he is resigning from his role, the update lacked information on his future endeavours.
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