CMC Markets has bolstered its Singapore leadership with the latest appointment of Christopher Forbes as the Head of its newly formed entity, CMC Markets Singapore Invest Pte. Ltd., operating as CMC Invest Singapore.

CMC Invest Singapore Hires New Head

The appointment came prior to the soft launch of services under CMC Invest Singapore on 31 March 2023. Forbes will be responsible for the entire launch journey of the new services, the press release shared with Finance Magnates detailed.

"CMC's decision to make Singapore the first location in Asia to launch Invest is testament to the 16-year success we have had in this market. The launch reflects our long-term commitment to our clients and our belief in Singapore's strong regulatory infrastructure," said Forbes.

"Our purpose is to offer a comprehensive product suite and feature-rich platform, backed by unrivaled technology and experience for our customers. Ultimately, we want to provide a great value-for-money service in a transparent and trusted manner."

He joined CMC from Clermont Group, the family office of billionaire Richard Chandler, where he was the Head of Trading and led the Capital Markets and minority Private Equity Investments portfolios. Before that, he spent almost six years at Morgan Stanley.

CMC Expanding Its Global Presence

CMC has had a presence in Singapore for more than 15 years. It received authorization from the Monetary Authority of Singapore (MAS) in 2007 and offers contracts for differences (CFDs) products to South Asian clients. Now, the London-headquartered group is expanding its Singapore presence with new services.

CMC launched CMC Invest, its separate platform for Capital Markets, last October in the United Kingdom. It offers US and UK-listed shares, ETFs, and other products. It received a Capital Markets license in Singapore and also obtained approval in Australia.

"Christopher was hired to lead CMC Invest Singapore's ambitious growth to existing and new clients within Singapore and Southeast Asia. His extensive background in Trading, Wealth Management, and ASEAN markets position him perfectly to elevate our brand and grow market share in the region," Matthew Lewis, CMC's Head of APAC and Group Director, stated.

Earlier, CMC published its financials for the first half of fiscal 2023, which aligned with market expectations. The group's net operating income came in 21 percent higher at £153.5 million. Though the net operating income jumped 27 percent to £128.4 million, net revenue from the investing stream declined by 14 percent to £20.8 million.