StoneX got an ok valuation that will allow it to grow, plus it gets access to all of the RJ O’Brien business that it would otherwise struggle to acquire.
StoneX
The deal is expected to close in the third quarter of this year, with potential cost synergies of $50m.
Shenouda joins from rival brand StoneX and is the latest in a series of senior executives to join Daman Markets.
Shenouda has been with StoneX, which owns brokers FOREX.com and City Index, for almost six years.
StoneX also reported revenue per million at City Index and FOREX.com rose 23% during the final quarter of last year.
FOREX.com ranks highly in Poland for organic searches. The brand is more of a mass market, FX-focused offering for StoneX.
CFD providers have averaged 16% employee growth since mid-2021