Charles Henri Sabet has bolstered LCG’s executive team, sources with knowledge of the matter have shared with Finance Magnates. The firm has on-boarded Mukid Chowdhury as CEO of a new subsidiary that the company has established. He has been with LCG since May 2016, when he joined the company after spending several years at GAIN Capital as Finance Director of the company’s international operations. The move follows up on a number of changes at the company during the past year.
In November 2015, the group has launched LCG Digital in Israel, a subsidiary that was tasked with digital marketing and affiliates business. The venture was shut down after just six months, with operations relocated back to London.
Brenda Kelly, a market analyst who assumed a Head Analyst position in the firm since May 2015 and oversaw communications, is no longer with the firm according to her LinkedIn account.
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Finance Magnates has reached out for a comment to the company’s management team on the changes, however at the time of publication no official response has been received.
Shares of London Capital Group holdings have recently hit rock bottom with the company’s market cap currently standing at £12.47 million ($15.25 million). LCG has embarked on a rebranding effort earlier this year as the company launched a new website and deployed a new trading platform to the market.
The firm has been looking to consolidate costs and build a stronger client base after launching a new marketing effort earlier this year.
For the first six months of 2016 the company has more than doubled its revenues to above £11.2 million, while the number of active monthly clients increased to 4,141 (up by 2 percent year-on-year). The company’s monthly open & funded accounts figure has also risen to 325, which is up by 15 percent when compared to last year.