Finance Magnates learned on Friday that Jeffrey Ng has left his role at foreign exchange broker Valutrades.
Ng, who spends most of his time in Jakarta, joined the broker back in 2016 as part of a wider set of personnel changes made by CEO Graeme Wakins.
During his time with the firm, Ng has been a non-executive director. Working in an advisory role, he helped the broker grow its business in Asia. The outgoing executive also aided Valutrades with its shareholder relations and management strategy.
Unlike most people in his position, Ng did not have a strong background in retail trading or even the financial services industry when he joined Valutrades.
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Instead, the Jakarta-based businessman has spent most of his career working in retail shopping, particularly in the fashion industry. Over the course of that career, Ng has worked with big brands such as Nike and Hush Puppies, helping them to expand their reach in south-east Asia.
Valutrades – preparing for regulatory changes
Ng’s departure from Valutrades was not the result of any bad blood between him and the broker. Instead, the businessman’s decision to pursue new opportunities meant he felt that he could not properly perform the duties required of him at the broker.
“Jeffrey has been offered a role to be a partner to start a major company,” Watkins told Finance Magnates.
“We both felt that as a result of this he wouldn’t have sufficient time to dedicate to us so we agreed part ways. We will be reviewing our board structure without making any imminent changes as we consider our needs leading up to the FCA’s new Senior Managers and Certification Regime regulations coming into force in December.”