In the latest takeover deal in the prop trading space, forex industry veteran Joshua Dentrinos has partly bought Funded Peaks, a Germany-registered funded-trader company, Finance Magnates learned exclusively.
New Leadership of the Prop Trading Firm
Under the agreement, Dentrinos will also step in as the interim Chief Executive Officer of the prop trading firm, replacing Pasquale Jungwirth, who has led the company for the last 11 months. Under his leadership, the company will focus on organisational restructuring.
Jungwirth will continue to be the largest shareholder and will focus on the trading and trading technology side of the business.
“After a detailed audit, we came to the conclusion that a combination of our skill sets, along with our existing resources, is the perfect fit for a long-term cooperation,” Dentrinos told Finance Magnates.
Funded Peaks is another brand in the already crowded prop trading industry. Headquartered in Munich, the company has over 10,000 active customers, about 12,700 members on its discord channel and another 12,200 followers on Instagram. When it comes to Twitter, its account is followed by 13,500 followers. However, the number of funded traders on the platform remains unknown.
Preparing for Possible Regulations
As the interim CEO, Dentrinos' first order of business will be to get the company into good standing with its traders. The company will also start preparing for any possible industry regulations and increase company transparency.
Earlier, Finance Magnates reported that the European Securities and Markets Authority ran an initial check on prop trading firms and also discussed possible regulations in the industry. However, the regulator has yet to make any public announcement on its plans for prop trading.
“At Funded Peaks, we always strive for excellence, continually seeking ways to improve and innovate,” added Jungwirth. “Bringing Josh on board adds a wealth of experience and expertise, which will not only meet our current needs but also put us in the best position to tackle upcoming challenges in the industry. His proven track record in running successful businesses at the highest level is a perfect fit for our long-term vision."
