When Duncan Wales agreed to head up Exotix in mid 2016, the firm was in a mess. Once a profitable niche brokerage focused on frontier markets bonds and distressed debt, it had gone steadily downhill after the financial crisis.
“Exotix was a trailblazer, but it allowed itself to fall behind,” says Wales. “It faced huge competition in its traditional space and it tried to diversify in difficult markets in a very challenging environment. It lost its way strategically.”
Founded in 1998, Exotix was originally an offshoot of broker-dealer Icap.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
