FCA-regulated brokerage firm Global Markets Group (GMG) continues to undergo major changes to its senior leadership, this time parting ways with its CEO Alex Iakobachvili, Finance Magnates has learned.
The departure of Iakobachvili, who also served as Managing Director with the London-based broker, comes barely 14 months after his installment in the position back in August 2018. Lakobachvili, who has worked in a variety of prime brokerage sales roles since 1978, also served on the firm’s management board, based out of London.
The outgoing CEO joined Global Markets Group as the company has initiated a restructuring and reorganization process. This included raising nearly £250,000 ($311,000) in new capital during his one-year tenure. However, the company’s financial performance failed to impress in 2019 as the revenues rose slightly from £202,000 to £212,000, while the operational losses more than doubled, from £190,000 to £432,000.
Prior to joining GMG, Iakobachvili was the former VP of sales at B2B brokerage group Global Market Index Limited (GMI) where he also stayed for nearly five months. Despite having very similar names, and both regulated in the UK, GMG and GMI are not interconnected brands and work under different owners.
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Founded in 2015, GMG Group is controlled by Chinese entrepreneur Shi Lu via Citypark Investments Limited.
More about Iakobachvili’s background
Before GMI, Iakobachvili was Vice President of CFH Clearing Limited, where he worked for almost eight years. Between March 2010 and December 2012, he worked at Squared Financial Services Ltd, based in Dublin.
Iakobachvili also worked in institutional forex sales at London Capital Group for just under a year. He held senior positions at Thomson Reuters, where he was Director of Bank Sales, and at IDEAglobal, where he was Senior Account Manager. Back in 1995, he was also Director of Targetpoint Limited for two years.
Iakobachvili attended City, University of London between 1994 and 1995 where he was studying under the Royal Society Kapitza Fellowship.
Mr. Iakobachvili took over last year from Nicholas Cooke, whose career in finance spans more than 11 years, originally joined GMG back in 2015. Before that, he worked for six years at FXCM, where he oversaw the company’s retail and institutional sales in Australia.