The board of CMC Markets is about to be reshuffled following a departure of one of its members. Just before the company’s annual general meeting, Non-Executive Director Malcolm McCaig tendered his resignation. He will be leaving the board of the UK-headquartered brokerage after the conclusion of the firm’s annual meeting on July 27th.
Replacing Mr. McCaig will be industry veteran Sarah Ing. After spending over 30 years in the financial industry at companies such as HSBC, UBS and the asset management side of business, she is set to join the firm pending regulatory approval.
Under UK law, the Financial Conduct Authority (FCA) is mandated with approving board members of financial services companies. CMC Markets is also looking to add a further non-executive director to its board and a recruitment process is currently underway.
Sarah Ing comes with experience in accountancy, investment banking and fund management. She is a chartered accountant and worked as a top-rated equity research analyst at HSBC and UBS between 1995 and 2003.
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In 2003 she became a founding partner of KI Asset Management, a hedge fund investment management business. In June 2008 she joined Singer Capital Markets as an equity analyst of the financial services sector. Mrs Ing proceeded with a short stint at Oriel Securities and in 2013 landed at independent consultancy The Lazarus Partnership Limited.
Commenting on the appointment, Simon Waugh, Chairman of the CMC Markets board, said: “The Board would like to thank Malcolm for his valuable contribution, advice and support as we moved from a private company to a public company. We wish him every success for the future.”
“We would also like to welcome Sarah to the Board. Her experience and understanding of the sector, having analysed and advised a broad range of financial services businesses, will be a valuable addition to the Board,” Mr Waugh added.
Earlier this year CMC Markets reshuffled its senior management, promoting Grant Foley to COO and CFO and David Fineberg to Group Commercial Director.