London-headquartered CMC Markets (LON: CMCX) is turning its focus to the Asia-Pacific markets with the latest appointment of Kurt Mayell as the Head of CMC Markets Singapore. The appointment was an internal promotion as he was brought to Singapore from the sister APAC entity.

Growth of CFDs Business

In the new role, Mayell will spearhead the growth of CMC Markets’ CFD business. Regulated by the Monetary Authority of Singapore, the Singaporean entity of the CMC Markets has been offering contracts for differences (CFDs) since 2017.

“My job is to implement our overarching business strategy, fostering a shared understanding of our vision within the team, and actively exploring both significant and minor opportunities to improve our business and offering,” Mayell said. “This ensures our continuous commitment to elevating and catering to the trading and investment needs of our valued customers.”

Before joining the Singaporean entity, Mayell was a part of CMC Markets APAC & Canada, where he was a Senior Sales Trader based in Australia. He first joined the APAC entity of CMC Markets in October 2013 as a Premium Client Associate (Acquisitions). Later, he moved to Sales Trading and then Quantitative Strategy for Equity Hedge Desk.

Before CMC, he started his career as an Investment Analyst at Dixon Advisory. Further, between his two tenures at CMC Markets, he was the Managing Director at The Brixwell Group, a Sydney-based and now-shuttered property investment and mortgage finance company.

“With his extensive knowledge across a broad range of portfolios, Kurt has been and will continue to be a great asset to the growth and expansion of CMC Markets,” Peter Cruddas, the Founder and CEO of CMC Markets, stated. “His appointment as Head of CMC Markets Singapore will strengthen CMC Market’s position in Singapore as the leading platform for Online CFDs & Forex Trading.”

A Strategic Market for CMC

Singapore is one of the APAC hubs for CMC Markets. Last year, CMC launched its stock trading platform, CMC Invest, in Singapore, offering its existing CFD clients first access to the new platform.

Meanwhile, CMC recently issued a trading update revealing its expectations of achieving a net operating income of £40 million higher than previously predicted. With this, the brokerage operator now expects to generate FY24 net operating income of between £290-310 million, raised from its previous guidance of £250-280 million.