Intertrader chief Heffetz leaves broker

Intertrader, the broker owned by gambling giant GVC Holdings, has parted ways with its chief executive Shai Heffetz less than eight months after he assumed that role.

Heffetz, who was a managing director at the firm for six year before becoming chief executive officer in early 2019, left that position in late July, according to sources close to the firm who added that no replacement has yet been appointed.

A spokeswoman for GVC Holdings declined to comment.

Intertrader is an online and phone broker that offers spread-betting and contracts for difference as well as equities, options, foreign exchange, commodities and crypto-currencies.

Heffetz had been instrumental in a change of focus at the broker which was planning earlier this year to establish itself as a “prime of prime” for institutional clients after acquiring two trading firms in late 2018.

Isle of Man-based GVC Holdings acquired in November Argon Financial, a Gibraltar-registered prime broker for individual, corporate and institutional clients.  

Intertrader acquired in August last year Sigma Trading, a London-based financial broker previously owned by Sigma Broking.

The acquisition of Sigma Trading meant Intertrader could offer direct market access of equities and options as well as phone-based dealing with Sigma sales traders.

Sources said at the time about a dozen staff transferred to GVC from Sigma following the completion of the trade in August.

The sale of Sigma Trading to the FTSE 250-listed gambling group was the first transaction at Sigma by chief executive David Mudie after he took over the London-based trading firm in February 2017.

GVC Holdings acquired in March 2018 Ladbrokes Coral Group PLC, the owner of retail and online gaming brands such as Ladbrokes, Coral and Gala, to become the UK’s largest high-street bookmaker.

GVC Holdings was fined on Wednesday £5.9m for failing to prevent money laundering and problem gambling at Ladbrokes Coral.