Exclusive FNG… FNG has learned that ownership of Retail FX and CFDs brokerage brand HYCM is changing hands, in a management buyout that is still in process.
Buying control of HYCM are Roger Bach and Stavros Lambouris, two long-time senior executives of the HYCM Group.
Roger Bach has served as Director and CEO of the London-based firm’s regulated arm HYCM Capital Markets (UK) Limited since 2005. Stavros Lambouris has been with HYCM Group since 2007 (apart from a brief stint at a rival stockbroker in 2010-2011), and since 2014 he has served as CEO of HYCM’s European and international operations, outside of Cyprus.
The brokerage was known as Henyep and as HY Markets, which was fully rebranded as HYCM in 2016, with the group’s Hong Kong-based parent company retaining the Henyep Group name and brand. The Henyep Group is controlled by Chinese businessman Sheen Charm Chiu.
The HYCM brand operates through a number of licensed subsidiaries including in the UK (as noted above), Cyprus (HYCM Europe Ltd), DIFC UAE-Dubai (HYCM Capital Markets DIFC Limited) and offshore (HYCM Ltd) in the Cayman Islands.
We understand that the company is in the process of finalizing the various regulatory approvals for the change of control in the various jurisdictions in which HYCM operates.
FNG spoke to Stavros Lambouris, who said:
“We are delighted with the successful completion of the management buyout. With the support of our talented team and the trust of our customers, we are ready to take HYCM to greater heights. Our focus will remain on providing innovative financial solutions, fostering strong relationships and adhering to the highest standards of integrity and professionalism. Our customers remain at the heart of the Company.”
Roger Bach added,
“We would like to express our gratitude to Henyep for their cooperation throughout the acquisition process. The transition of ownership has gone smoothly and both parties look forward to maintaining a positive working relationship going forward.”