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Foreign Exchange

Alpari management reshuffle to pave way for IPO

Alpari UK, one of the leading retail FX providers, has announced a senior management shake-up as it prepares to float.

Andrey Vedikhin, co-founder of Alpari companies globally, will move from his role of chief executive of Alpari UK to become chairman of the firm. Daniel Skowronski, chief commercial officer at Alpari UK, is set to take up the role of chief executive this autumn.

Vedikhin will focus on developing strategy for Alpari companies worldwide.

“Our ambition for Alpari UK is to continue to drive the current growth trajectory and position the business for an IPO in the next three years,” he says.

“The senior-management changes that we have proposed are fundamental to ensure the business realizes these goals.”

If it floats, Alpari will follow in the footsteps of FXCM and Gain Capital, the retail FX providers that had successful IPOs in December 2010.

There is also speculation that Oanda, another leading retail FX provider, is planning to come to the market to raise funds. Those rumours intensified last month after Oanda announced it was replacing co-founder Michael Stumm as chief executive with Deutsche Bank veteran K Duker.

Alpari UK also announced the appointment of two new board members, with Mushegh Tovmasyan joining as chief business development officer and David Hodge as chief marketing officer.

Alpari UK is headquartered in London, and has subsidiaries Germany, Japan and India, as well as a representative office in China. It is independent within the Alpari group of companies, which, founded in 1998, has offices in more than 20 countries worldwide.

As of May, Alpari says it has 170,000 active trading accounts generating more than $210 billion in monthly trading volume.

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