Exclusive: IG Asia’s CEO Tony Lim Is Leaving after 9 Years

<p dir="ltr">Tony Lim, the CEO and Managing Director of IG Asia, the Singaporean unit of IG Group (LON: IGG), will leave the company in the coming months, Finance Magnates has learned. Lim has been leading the Asian unit of IG since 2015.</p><p dir="ltr">Executives Depart from IG</p><p dir="ltr">Although the circumstances behind the upcoming exit of Lim remain unclear, another long-term executive, Kevin Algeo, who was IG’s APAC and Africa CEO, recently became the target of the broker's mass layoffs and stepped down from the role. A representative of IG officially confirmed the moves of Lim and Algeo.</p><p dir="ltr">IG announced its <a href="https://www.financemagnates.com/forex/breaking-ig-group-to-reduce-10-staff-globally/">plans to lay off 10 percent of its staff globally</a> at the end of last October, which was a part of its massive cost-cutting effort. With the changes, the brokerage group expects to deliver full run-rate cost savings of £50 million annually.</p><p dir="ltr">Finance Magnates earlier reported that <a href="https://www.financemagnates.com/executives/exclusive-igs-south-africa-ceo-leaves-amid-global-workforce-reduction/">Robert van Eyden, IG's former CEO of South African operations,</a> was also among the executives laid off under the cost-cutting strategy. van Eyden recently<a href="https://www.financemagnates.com/executives/moves/robert-j-van-eyden-assumes-ceo-position-at-scope-markets-south-africa/"> joined Rostro-owned Scope Markets</a> as the CEO of South African operations.</p><p dir="ltr">The Upcoming Departure of An Industry Heavyweight</p><p dir="ltr">Lim is an industry veteran with three decades of experience. Before joining IG, he was Head of Retail Client Trading Services and Co-Head of the Private Client Group at Saxo Capital. He started his career in the back offices of a local Singaporean brokerage and then entered the trading pits of the Singapore International Monetary Exchange (SIMEX) in 1994.</p><p dir="ltr">Despite the departures, IG is also witnessing some top appointments. Earlier this week, <a href="https://www.financemagnates.com/executives/breaking-ig-group-names-breon-corcoran-as-ceo/">Breon Corcoran joined the London-headquartered broker as the Chief Executive</a>. He replaced Charlier Rose, the broker’s Chief Financial Officer, who ran the group in an interim capacity following the departure of former permanent CEO June Felix last August.</p><p dir="ltr">Last month, <a href="https://www.financemagnates.com/executives/moves/ig-gets-new-australia-and-new-zeland-unit-ceo-with-an-internal-promotion/">IG promoted Matthew Davidson</a>, who has been working in the company for 19 years, as the CEO of its Australia and New Zealand unit. The broker’s German unit further appointed <a href="https://www.financemagnates.com/executives/eren-eraslan-assumes-as-head-of-northern-europe-at-ig/">Eren Eraslan as the Head of Northern Europe</a>.</p><p dir="ltr">Meanwhile, the earnings of the London-based broker have taken a significant hit. In the first six months of the fiscal year 2024, the broker's <a href="https://www.financemagnates.com/forex/ig-groups-earnings-take-a-hit-in-tough-market-falling-32-in-hy-fy24/">revenue went down 9 percent</a> to £472.6 million, while its net trading revenue fell 19 percent to £402.4 million.</p>

This article was written by Arnab Shome at www.financemagnates.com.