Dubai-based Fortress Banking has recently decided to expand its distinctly private operations to starting serving qualified investors in the public market across the world. The result is the creation of Fortress Prime, as the appointment of Mitch Eaglstein as CEO comes only a couple of weeks after these intentions were publicly announced by the company. According to information exclusively obtained by Forex Magnates’ reporters, the affiliate company of Fortress Prime has a total equity close to $130 million.
The selection of Mr. Eaglstein has been swift, as it was only a month ago when Forex Magnates broke the news that he and Boston Technologies had parted ways. The launch of a prime brokerage unit by Fortress Financial will lead it to offer a wider array of services to its existing clients, as Mr. Eaglstein stated to Forex Magnates, “Fortress Prime is positioning itself as a financial supermarket highlighted with best in class liquidity. I am confident that the company will succeed as we have a great team of people coming on board.”
The company has a license from the Dubai Department of Economic Development, and is already in the process of getting regulated by the UK’s Financial Conduct Authority (FCA). Aside from being headquartered in Abu Dhabi, it also has an office in New York and plans to open one in London once it obtains its FCA license.
The firm recently announced that His Highness, Sheikh Mohammed Bin Sultan Bin Hamdan Al Nahyan, has joined as Honorary Chairman and Partner. The move effectively means that the venture is backed by the Al Nahyan Family, which is one of the six ruling families in the United Arab Emirates and is estimated to have a fortune worth $23 billion.
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Forex Magnates’ reporters got hold of Mr. Eaglstein and asked about his new position at Fortress Prime, and he stated, “We will be bringing in a team of top industry veterans and will provide best of class service to the business to business market. In addition to organic growth, we intend I use our strong balance sheet to grow through accretive and strategic acquisitions.”
Mr. Eaglstein has extensive experience in Senior Level Management of OTC related software and brokerage companies. He served as Managing Director at Boston Technologies, Boston Prime UK and the Institutional “eCommerce” trading division.
Prior to joining Boston Technologies, Mitch was the Chief Information Officer of FXCM Systems, LLC which was the result of a deal he negotiated between FXCM Holdings and Avalon Capital Holdings, which is a wholly-owned subsidiary of Traders Development.
As part of this deal, Mr. Eaglstein became a director of a software firm where he established an expanded technology presence for FXCM in Seoul, South Korea. While at Avalon he was the Chief Operating Officer and was instrumental in the development and distribution of the proprietary Avalon FX Pro trading platform, now owned by FXCM.
Mr. Eaglstein often speaks at industry panels and is one of about a dozen industry experts listed on the Forex Magnates Experts‘ website as he is considered to be one of the premier thought leaders in the space.