Nick Spencer-Skeen has been appointed as the new Executive Director at a capital markets firm based in London, which previously operated under the name BUX Markets. Having spent the last two-and-a-half years with the company’s UAE branch, Spencer-Skeen is set to take on this new role while also continuing as a Senior Executive Officer at the UAE unit. His LinkedIn profile indicates he manages responsibilities related to the London office remotely.
In a recent LinkedIn announcement, he expressed enthusiasm for his new position, highlighting that he will maintain his current role in Abu Dhabi simultaneously.
This leadership change follows the recent divestiture of a UK-focused contracts for differences (CFDs) and spread betting business from BUX to the capital markets firm. Post-acquisition, BUX Markets has been rebranded to better fit within the global framework of the new parent entity.
Furthermore, BUX recently sold its core operations in the Netherlands to ABN AMRO just prior to the UK sale, but assured that it would function independently as a subsidiary of the Dutch bank.
Despite the new appointments and structural changes, the UK branch has not yet commenced client onboarding. Their website indicates that they are currently reassessing their product offerings and plan to relaunch in the future.
Prior to joining the capital markets firm, Spencer-Skeen had an extensive background in the forex industry, primarily focused on institutional operations. He was previously the Chief of Staff for the EMEA region at the StoneX Group and was instrumental in its rebranding from INTL FCStone. Spencer-Skeen has held several executive roles throughout his career, working with various prestigious organizations such as Banca IMI, Banca Caboto, Rolfe & Nolan, and ING Derivatives.
The company’s latest financial performance leading up to the ownership change showed a significant decline in both revenue and profits, signaling challenges that may impact the onboarding process for clients as they look to realign and enhance their services in the market.