CMC Markets has promoted its longtime managing director, Michael Bogoevski, to lead sales for APAC and Canada.
Based in Sydney, Bogoevski will be tasked with leading the company’s business development activities in the region through wholesale and institutional business channels in the newly created position. He joins from Singapore where he spent more than five years, before that four years as Head of Sales Trade (APAC and Canada).
Bogoevski’s promotion comes as CMC will launch a new investment platform in Singapore within a year and is considering two more jurisdictions for launch in 2023. CMC says the move comes as the company continues to diversify and expand its geographic footprint through its technology. leveraged institutional offering and non-leveraged platforms.
Bogoevski originally joined CMC Markets in 2013, completing a 17-year tenure at a company he founded in 2003 under the brand name UCG Finance. However, this was not the first interaction with the UK-listed broker as he served as institutional business development at CMC Markets APAC between 2007-2013.
Other positions include various positions at Société Générale, Shirlaws and Rand Merchant Bank, part of a career that dates back to 1998.
Founded by tycoon Lord Cruddas, CMC Markets has set ambitious growth targets for its B2B business line by catering to a wider range of institutional client types and their respective trading strategies. This will be further driven by the launch of their new UK investment platform, which will offer both B2C and B2B potential.
CMC Markets shares lost almost 25% of their value at one point in July after the company warned of higher costs for spread betting and online trading, prompting analysts to cut their earnings forecasts.
The UK-listed brokerage firm expects operating expenses to rise 5 percent due to a combination of higher labor and material costs. Analysts said such an increase in operating expenses would mean a 10 percent hit to CMC’s core earnings.
CMC Markets also reported a decline in sales and customer income for fiscal 2022 as the market environment stabilized after a period of high volatility following the Covid-19 outbreak. The company said the subdued market activity resulted in less trading from both new and existing customers, causing the latter to suffer a slowdown following the pandemic investment boom.