GAIN Capital Holdings has announced the appointment of Mark Richards as its newest member of its board of directors. Mr. Richards currently serves as CEO and board member of IPGL Ltd.
IPGL Ltd is a London-based, privately owned holding company of a trading group, owned by Michael Spencer. The appointment of Mr. Richards was conducted in accordance with a director appointment right, attributed to an affiliate company of IPGL, called INCAP Gaming B.V. The director appointment right was granted with respect to GAIN’s acquisition of City Index for $118 million in 2015 and was specified in a stockholders’ agreement reached in October of 2014. Through his association with IPGL, Michael Spencer was a controlling shareholder of City Index.
As specified in a September 2017 filing with the Securities and Exchange Commission, IPGL directly owns 853,031 shares in the company, while also maintaining indirect ownership of an additional 4,629,950 shares held by IPGL, through its affiliate Fox & Trot Ltd. Fox & Trot has additional links to the company as it holds all of its convertible senior notes, due 2020. $60 million of the notes were issued to the company in accordance with the agreement at the time of the City Index acquisition.
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Prior to serving as the Chief Executive of IPGL, Mr. Richards enjoyed an 11 year tenure at Actis Capital, a private equity firm and multi asset emerging market investor. For the majority of his time with the company, Mr. Richards held the position of Partner and Head of FS, and was responsible for coordinating the global investment team. Actis holds an investment portfolio amounting to $7.6 billion in funds under management, with investments spread across Asia, Africa and Latin America.
Mr. Richards also spent time working at Barclay’s Bank, between 1997 and early 2005. During his time at Barclay’s he climbed the corporate ladder, holding several positions including Strategic Director and Group Corporate Development Director, before eventually becoming the Chief Financial Officer for Barclay’s International Banking.
GAIN has been enduring lower than normal numbers, likely as a result of flat FX volume figures, which can be partly attributed to a shift in financial markets demand toward cryptocurrencies. As a result, the company has been fairly active in accommodating the demand for crypto assets, continuing its expansion of crypto products and services.