Trading platform CMC Markets has appointed Albert Soleiman as its new chief financial officer.
He replaces Euan Marshall, who revealed in July he would leave to take up the same role at IntegraFin, an investment platform for financial advisers and their clients.
Marshall officially stood down last Friday, but he will stay with the business for some months to ensure an orderly transition.
Recruitment: CMC Markets has appointed Albert Soleiman as its new chief financial officer
Soleiman was previously the head of CMC’s British investment platform, CMC Invest UK, which was set up last year to allow customers to deal in UK and US stocks, as well as investment trusts and exchange-traded funds.
The Australian national initially began working for the London-based firm in 2005 as a tax manager before becoming its head of tax three years later.
He later went on to run CMC’s client asset management operations until he departed four years ago to join blockchain technology developer Bitfury.
However, he only lasted eight months at the FTSE 250 business, returning to CMC Markets as its head of corporate development in mid-2020.
James Richards, chairman of CMC, said: ‘Albert has a deep knowledge of the group, which will support the execution of our diversification strategy.
‘We have worked closely with Albert as he has developed the CMC Invest business, and I look forward to working with him as a board member.’
Soleiman’s promotion comes ten days after the trading platform warned its profits would be significantly lower this year due to restrained market activity over the summer period.
The group expects to report net operating income of £250million to £280million for the 12 months ending March 2024, compared to £288.4million the previous year and market expectations of about £315million.
Founded by the former Conservative Party co-treasurer, Lord Peter Cruddas, CMC benefited during the early part of the Covid-19 pandemic from a surge in amateur investors taking advantage of the heightened market volatility to make some extra cash.
But it has struggled in the past two years following the return to more normalised trading activity, rising investment costs and elevated inflationary pressures.
CMC reported a 15 to 20 per cent year-on-year drop in client trading and investing levels for the three months to June.
CMC warned that weak market conditions had continued into the second quarter, although the firm said this had been offset by higher interest income, while client money, assets under management, and active client volumes remained healthy.
Following the announcement, CMC Markets shares tipped up 0.2 per cent to 108p by early Monday afternoon, although they have fallen by around 54 per cent this year.
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