Strategizing to Ensure “I Don't Hire More People Than I’d Like to Oversee”: Rostro’s Ayres

“I think we'll pass 200 or 205 headcounts by the end of the year,” Michael Ayres, Group CEO of Rostro Group, told Finance Magnates following the hiring spree of Scope Prime, the liquidity provider under the broad Rostro umbrella. He added: “The hires were really around certain regions... We won’t keep running at this rate; however, as otherwise I'll probably end up with more people than I would like to oversee.”

Some of Scope Prime's prominent hires include Andrew Taylor, Head of APAC, and Mirian Rostian, Head of Southeast Asia. It also onboarded Gaby Kanj, an industry veteran with over thirty years of experience, to focus on operations in the MENA markets. Fraser Nelson also joined Scope Markets earlier this year as the Global Head of Business Development.

While Scope Markets is the retail-centric brand under Rostro, Scope Prime is the institutional liquidity unit. The B2B brand now has about 15 dedicated employees, while the total number of Rostro employees globally is 195.

“It Was More of a Surprise”

One of Scope Prime's most interesting hires is Lochlan White, who is now its Chief Commercial Officer. He assumed the role after leaving 26 Degrees, a firm run by Gavin White as the Group CEO, where he spent 11 years and was most recently EMEA CCO, stationed at the Cyprus office.

“To be honest, it was more of a surprise,” Ayres said, that White was encouraged to have the conversation with us then discover there was a good fit to be had.

“I’m just happy that we managed to attract someone from a larger competitor, who I think is a great addition. He's got great product and operational knowledge as well as commercial experience. That’s what is the biggest boost for us.”

Interestingly, Ayres’ company already works with 26 Degrees from a “commercial perspective,” which he highlighted “will continue.” Ayres added: “We’ve got a great relationship with them from a pure trading and clearing standpoint, but it won't go any further than that.”

Finance Magnates recently reported exclusively that 26 Degrees is surrendering its CySEC licence, which it obtained last year. However, it will keep the Limassol office operational, which will serve as a branch supporting international activities.

“Focused on Emerging Markets”

With all the hires, Ayres is slowly expanding Scope Prime’s global reach. He also pointed out that all the hirings are strategic and “stemming from geographical exposure.”

“Rostro is specifically focused on emerging markets with institutional-grade products,” Ayres revealed. “It's less saturated, but equally we know it’s not always easy for asset managers in – for example - parts of Africa to access competitive pricing, trade equities, and futures… We wanted to take what we know, the products, our knowledge, and expertise to those markets.”

“What we're building from a technology standpoint is a proprietary back office and reporting suite for our clients,” Ayres continued. “For B2B, we've seen it turn on its head in the fact that clients can access our API or platform, the market, trade, execute, and clear. But getting data, reporting, and consolidated information was something we felt, in the past, we didn’t maybe get.”

“We would like Scope Prime to be a venue of choice for multi-asset access, with an element of customisation and a willingness to make things more bespoke for our clients.”

Highlighting Rostro’s plans, or lack of them, around prop trading, he said: “It's one that we haven't actively moved towards, and I'm just kind of observing more.”

“We have other priorities I wanted us to finish rather than try to do too many things at the same time,” Ayres continued, adding: “But the big motivator with this prop trading-funded trader product is clarity around regulation… I wanted to understand a bit more about who's going to supervise, who’s going to govern this, who's going to step in and provide some sort of framework that we can work with.”

“For me, regulation will give it the stamp of longevity and the fact that people are looking at it properly.”