Tony Lim, the CEO and Managing Director of IG Asia, the Singaporean unit of IG Group (LON: IGG), will leave the company in the coming months, Finance Magnates has learned. Lim has been leading the Asian unit of IG since 2015.

Executives Depart from IG

Although the circumstances behind the upcoming exit of Lim remain unclear, another long-term executive, Kevin Algeo, who was IG’s APAC and Africa CEO, recently became the target of the broker's mass layoffs and stepped down from the role. A representative of IG officially confirmed the moves of Lim and Algeo.

IG announced its plans to lay off 10 percent of its staff globally at the end of last October, which was a part of its massive cost-cutting effort. With the changes, the brokerage group expects to deliver full run-rate cost savings of £50 million annually.

Finance Magnates earlier reported that Robert van Eyden, IG's former CEO of South African operations, was among the executives laid off under the cost-cutting strategy. van Eyden recently joined Rostro-owned Scope Markets as the CEO of South African operations.

The Upcoming Departure of An Industry Heavyweight

Lim is an industry veteran with three decades of experience. Before joining IG, he was Head of Retail Client Trading Services and Co-Head of the Private Client Group at Saxo Capital. He started his career in the back offices of a local Singaporean brokerage and then entered the trading pits of the Singapore International Monetary Exchange in 1994.

Despite the departures, IG is witnessing some top appointments. Earlier this week, Breon Corcoran joined the London-headquartered broker as the Chief Executive. He replaced Charlier Rose, the broker’s Chief Financial Officer, who ran the group in an interim capacity following the departure of the former permanent CEO, June Felix, last August.

Last month, IG promoted Matthew Davidson, who has been working in the company for 19 years, as the CEO of its Australia and New Zealand unit. The broker’s German unit appointed Eren Eraslan as the Head of Northern Europe.

Meanwhile, the earnings of the London-based broker have taken a significant hit. In the first six months of the fiscal year 2024, the broker's revenue dropped 9 percent to £472.6 million, while its net trading revenue fell 19 percent to £402.4 million.