IG Group launches IG Prime to serve the needs of Institutional clients in the prime brokerage market
SINGAPORE, March 30, 2020 /PRNewswire/ -- Singapore's IG Asia Pte Ltd, part of IG Group Holdings plc, a FTSE 250 global leader in online trading, has today launched IG Prime for institutional clients to address the specific needs of start-up & multi-prime hedge funds and Family Offices.
IG Prime will provide clients with prime brokerage execution and facilitation services which will be supported by an expanded international sales coverage network within IG Prime.
"Institutional clients have been calling for a new challenger, for some time, to enter the prime-brokerage market and offer an innovative and competitive alternative to the incumbent providers," said Fouad Bajjali, CEO IG Prime & IG Bank SA. "IG Prime will deliver world-class prime brokerage execution for clients through cutting-edge technology combined with access to global markets."
Founded in London in 1974, IG is a trusted global leader in online trading with over 15 years' experience of serving institutional clients. In 2006, IG launched prime brokerage services, delivering tailored solutions for hedge fund managers and family offices ever since.
"IG has always taken pride in providing the best trading experience for our clients, the launch of IG Prime will enable us to better serve institutional clients based on their different trading needs with innovation and first-class technology," said Tony Lim, Head of Singapore.
"Our advanced trading platforms are engineered for speed, stability and resilience, routinely processing multi-million trades per month and providing access to more than 40 global financial markets," said Simon Myers, Chief Technology Officer at IG.
IG Prime has global resources across 16 countries providing clients with their own dedicated account management team covering business and technology processes. As part of IG's wider strategy of investing for growth, to deliver a more diversified and sustainable business, IG Group will continue to expand its products and services for clients over the next two years.
"IG Prime will deliver efficiency for clients through its use of cutting-edge technology and product development. We can successfully compete because we will be cost effective, whilst still offering clients deep and sophisticated trading access with a personal touch," said Max Hayden, Global Head of Prime Brokerage Sales. "Hedge Fund clients are more focused on cost than ever as the industry has gone mainstream, but they still want the comfort of a secure well capitalised counterparty."
IG Prime gives hedge fund managers and family offices access to the full spectrum of prime brokerage services across trading and financing solutions. The business combines web-based trading with real-time reporting and is supported by IG's strong global client support network.
Notes to Editors
About IG's Institutional Business
IG's Institutional business is part of its Significant Opportunities business portfolio and targets the c.8000 hedge funds and family offices with less than $US200 million in assets under management. This market segment represents a potential market opportunity of around £500 million for IG.
In IG's interim results on January 21st, its institutional business delivered a double-digit increase in institutional revenues. When an institutional client decides to trade through IG, the revenue opportunity is, on average, larger than for a professional client.
As part of its May 2019 strategy announcement, IG set out to deliver the following targets, revenue growth in its core markets at around 3-5% per annum over the medium term; and to increase revenues from its Significant Opportunities business portfolio by £100 million, to around £160 million in FY22.
About IG Brand
IG empowers informed, decisive, adventurous, people to access opportunities in over 16,000 financial markets. With a strong focus on innovation and technology, the Group puts client needs at the heart of everything it does.
IG's vision is to provide the world's best trading experience. Established in 1974 as the world's first financial derivatives firm, it continued leading the way by launching the world's first online and iPhone trading services.
IG is an award-winning, multi-platform trading Group company which allows retail, professional and institutional clients to trade 24 hours a day, 7 days a week*. IG is the world's No.1 provider of CFDs** and a global leader in forex. It provides leveraged services with the option of limited-risk guarantees and also offers an execution-only stock trading service in the UK, Australia, Germany, France, Ireland, Austria and the Netherlands.
IG Group Holdings plc is a member of the FTSE 250, with offices across Europe, including a Swiss bank, Africa, Asia-Pacific, the Middle East and North America. IG Group Holdings plc holds a long-term investment grade credit rating of BBB- with a stable outlook from Fitch Ratings.
*Excluding 10pm Friday (GMT) to 4am Saturday (GMT)
**Based on revenue excluding FX (from published financial statements, June 2019)
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IG Asia Pte Ltd
Qian Ying Goh