Michael Kamerman, a long-reigning managing director of FXCM, has left the brokerage after leading it for almost 15 years.
He announced his resignation from the brokerage last Friday in a Linkedin post.
“FXCM was an exceptional place to start and grow a career. They place a lot of emphasis on the development of their people. That’ll continue to be a differentiator for FXCM. Proof of that is the high number of C-level executives, founders, directors, or heads of departments who have FXCM on their CV today,” Kamerman told Finance Magnates.
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He joined the London-based broker in late 2005 straight out of the University of Missouri-Columbia after obtaining his bachelor’s degree.
Kamerman was initially a sales associate at the brokerage and has slowly climbed the corporate ladder to become one of the top executives. Before his departure, he spent almost six years as the managing director of the brokerage, and prior to that was the vice president of sales and financial services.
FXCM is a well-known retail forex (FX) and contract-for-differences (CFDs) broker and is a subsidiary of the Jefferies Financial Group. Last month, the UK subsidiary of the Group reported a decline of 71.6 percent in its year-on-year turnover for 2019. However, it significantly reduced its losses. In absolute terms, the company had an annual turnover of $16.72 million with a loss of $1.04 million.
Heading to a Competitor
Speaking to Finance Magnates, he confirmed that he is about to join another FX and CFDs broker in mid-October.
“I have resigned from FXCM after 15 years and am headed to another FX/CFD broker in October once my garden leave is over,” Kamerman added. “I am excited to join a firm that already has the ambition, the people, and the ability to be the next big broker in our industry. My hope is that in my new role I will bring value to them and help propel that company into the years ahead.”