StoneX Group has appointed Gary Clifford-Newman, the former Director of Prime Services Sales at Sova Capital, as its Senior Vice President (SVP) of Prime Services Sales. Clifford-Newman announced his appointment at the financial services company on Monday through LinkedIn.

Clifford-Newman’s Prime Services Sales Career

The executive, who brings over a decade to the new role, worked for UK-based wholesale broker Sova Capital for over four and a half years. He served as the company’s Vice President (VP) of Prime Services Sales between 2018 and 2021. He was appointed the Director of Prime Services Sales in 2021. This was a position Clifford-Newman held until he was awarded this new appointment at StoneX Group.

Before joining Sova Captial, Clifford-Newmann served as the Vice President of Prime Services Sales at Linear Investments. Moreover, he doubled as the VP of Relationship Management at the company where he worked for over three years between July 2015 and August 2018. Furthermore, he held Associates roles at two companies between July 2009 and June 2015. While he was a Business and Relationship Management Associate at KCG Holdings, he worked as a Global Fund Services Relationship Management Associate at Northern Trust Corporation.

StoneX Recent Hires

In recent months, subsidiaries of StoneX Group, whose services cut across commercial hedging, global payments, securities, physical commodities, foreign exchange and clearing and execution services (CES), have hired and promoted some employees and made some promotions.

Last month StoneX Digital, the digital asset unit of StoneX, and StoneX Global Payments, the company’s unit that specializes in cross-border payments to developing countries, hired Matthew Ardizzone as the Managing Director of Digital Assets. Additionally, it recruited SWIFT’s Edward Phelps as its Head of Sales Strategy.

Meanwhile, StoneX Group, which owns Forex.com and City Index, recently reported a dull first quarter in 2023 for its forex and CFDs business as revenue declined by 32% year-over-year to $48.8 million. However, institutional FX contracts revenue on StoneX surged by 74% to $9.2 million, with a 24% increase in FX average daily volume.

In a different development, the National Futures Association recently hit StoneX Markets, another subsidiary of StoneX Group, with a fine of $1 million for multiple changes of compliance violations.