Brunno Huertas has been appointed as the Regional Manager for the LATAM region at a prominent brokerage firm, marking a significant step forward in his career. His journey with the firm began in a role focused on business partnerships for the Portuguese region, and he has most recently held the title of Country Business Manager.
Huertas brings a wealth of experience to his new position, particularly in the online brokerage industry and the LATAM market. Prior to his time at his current firm, he was the Head of Sales for LATAM at another established brokerage.
In related developments, there have been notable executive shifts within the firm. Longtime employee Loukas Priovolos has transitioned to Deriv as the Financial Reporting Manager after an eight-year career there, where he ascended to the role of Group Financial Controller over time. During his tenure, he secured multiple promotions and played a significant role in the establishment of two new finance sub-departments.
Priovolos has expressed excitement about his new role at Deriv, highlighting the opportunities for professional growth and the diverse cultural and product offerings, as well as the firm’s commitment to technological advancements and artificial intelligence as appealing factors in his decision to move.
On a broader scale, the firm has made strides in expanding its global footprint by establishing a new office in Oman, designating Muscat as its regional hub. This strategic move aims to enhance local support for clients and strengthen the firm’s presence in the Middle East. The new office will also serve as a base for collaboration with ProTrade Investments, which is integral to this geographical expansion effort. The firm currently operates under various regulatory licenses, including those in the United Kingdom, Cyprus, and Seychelles, as well as maintaining a recognized representative office under the Dubai Financial Services Authority.
Despite these ambitious expansions, the firm has encountered some challenges. For instance, the trading volume in the UK market reported a decline in 2024, dropping from $189 billion to $136 billion. This decrease resulted in a 6% reduction in revenue, totaling £6.2 million. Revenue streams mainly come from dealing spreads and commissions on trades.
However, the firm has seen an increase in profits attributed to lower administrative expenses. It is notable that income from intercompany recharges or service-level agreements also fell, from £2.7 million in 2023 to £2.2 million in 2024.
These developments illustrate a dynamic environment for the brokerage, where changes in personnel and strategic initiatives aim to address both challenges and opportunities in the industry.