Saxo Bank Splits Adam Reynolds’ Role after His Exit: Names Two Successors

Saxo Bank, whose owners are reportedly accepting bids for sale, has strengthened its top management in the Asia-Pacific region with two internal promotions. Announced today (Tuesday), the broker appointed Damian Hitchen as Regional Head of APAC and MENA, and Mahesh Sethuraman as the Singapore CEO.

Both executives are succeeding Adam Reynolds, who previously held the role of APAC and Singapore CEO at Saxo. He stepped down from the role last September after spending a decade with the company.

Two to Cover One

In his new role, Hitchen will be responsible for developing and growing the firm’s business across the two regions. Sethuraman, on the other hand, will focus primarily on Saxo’s business under its Singapore office.

“Damian and Mahesh are both true Saxonians – laser-focused on servicing our clients and partners, as well as running a prudent and compliant business,” said Kim Fournais, Founder and CEO of Saxo. Both Hitchen and Sethuraman have been with Saxo for years.

Internal Promotions over External Hires

Hitchen joined Saxo in September 2021 as the CEO of its MENA operations, based out of its Dubai office. Before Saxo, he was with Swissquote for about eight years, starting as the Sales Director for the Middle East and Asia, later becoming CEO of its Dubai office, and eventually the CEO of the Singapore office. He has approximately 24 years of work experience.

“With on-ground experience of leading ‘digital-platform first’ propositions across Singapore and the UAE over the last decade,” Hitchen said, “I am excited to re-connect with the growth potential that the Singapore and APAC markets offer, in addition to continuing to build our MENA business.”

Similarly, Sethuraman joined Saxo in mid-2018. He initially served as a Sales Trader before becoming the Country Head of Global Sales Trading in Singapore.

“Having been in Singapore since 2006, Saxo has grown substantially over the years. However, given the strength of our comprehensive offering, we still have a long way to go,” Sethuraman said.