Knott steps down from NEX

By Helen Bartholomew

LONDON, Oct (Shenzhen: 000069.SZ - news) 20 (IFR) - Jenny Knott has stepped down as CEO of NEX Optimisation, the post-trade division of NEX Group, just weeks after the company issued a profit warning due to the increased cost of MiFID II compliance.

She (Munich: SOQ.MU - news) will be replaced by Ken Pigaga, previously global chief operating officer of the wider NEX Group, formerly ICAP (Frankfurt: A0BKYB - news) .

Knott’s departure comes alongside a wider restructuring of the division. Earlier this month, NEX Group said its profit margins would fall to just 20% in the six months to September - down from almost 30% in the previous six months. The group aims to raise its operating profit margin to 40% by 2020.

Pigaga was appointed COO in November 2016 and joined the NEX board in May. He led the NEX Transformation programme, focused on driving revenue growth and increasing the group’s profit margin. He was also responsible for developing the firm’s technology strategy.

Knott joined ICAP in 2015 with a strategic mandate to transform the company’s portfolio of post-trade businesses into a single division. She played a key role in the firm’s reinvention as a fintech provider from its broking roots as ICAP (Amsterdam: IA6.AS - news) completed the £1.28bn sale of its voice-broking operations to Tullett Prebon (Frankfurt: N5C.F - news) in late 2016.

Prior to joining ICAP, Knott was CEO of Standard Bank and CIB International.

Sam Wren takes over from Pigaga as COO, moving from her previous role as group CFO, which she has held since May. Wren joined ICAP in 2009 as group treasurer and has held a range of senior roles including CFO and COO of ICAP’s global broking division. (This story will appear in the October 21 issue of IFR Magazine; Reporting by Helen Bartholomew)