The FCA regulated startup, Global Markets Group Limited (GMG) has announced the appointment of Alex Iakobachvili as its new Managing Director and Chief Executive Officer, according to his LinkedIn profile.
Prior to joining GMG, Alex Iakobachvili was at Global Market Index Limited (GMI), a B2B broker as Vice President of Sales for a very short duration of five months. Despite having very similar name, both the companies are not interconnected and works as a separate entity under different owners.
Alex Iakobachvili has over 20 years of experience of the forex industry serving at various senior roles. Prior to joining GMI, he was Vice President at CFH Clearing Limited and had worked for almost eight years posted at their London office, leaving the company after Playtech acquired CHF Clearing.
Through out his professional career, he has worked at some of the top forex brokers and financial institutions including, Squared Financial Services Ltd in Dublin, London Capital Group. He has also held senior roles at Thomson Reuters where he was a Director of Bank Sales. He was at IDEAglobal as Senior Account Manager and Director at Targetpoint Limited in London for two years. Iakobachvili has attended London University between 1994 and 1995 and has achieved PhD degree.
Establised in 2015, GMG Group is controlled by Chinese entrepreneur Shi Lu via Citypark Investments Limited. It offers direct market access to the forex and CFD markets but the company has been recording losses. In 2017, it had revenue of £202,000 in 2017 and a net loss of £94,000. It is understood that, GMG Group will undertake restructuring initiative under Iakobachvili’s leadership to turn the company’s operation profitable. The company is also planning to raise funds and is looking to expand its business operation in Asia and South America regions.