Philip Jones has left IFX Capital Management, part of trading outfit IFX Group, where he was head of business development to pursue other interests, primarily in funds management he tells Squawkbox.
The move follows the decision by City Index, which acquired IFX Group in August, to close IFXCM and focus on its core broking, market making and spread betting businesses.
Jones joined IFX in December 2003, after it acquired the FX programs of fund management company Polpo Financial, a company that he had founded in the nineties.
A foreign exchange veteran, he started off in the business just over 30 years ago after spending time as an internal audit manager for car manufacturer Chrysler. He took responsibility for Chrysler’s FX business in Europe in 1975 and moved to Paris shortly after to head the FX operations of Peugeot Group after it bought Chrysler Europe.
In 1981 he joined HSBC Group to work in FX and capital markets before leaving in 1986 to become an independent treasury management consultant specialising in FX, interest rates and cash management.
He moved into funds management a few years later, working with a number of CTAs and brokers before joining forces with some colleagues to form Polpo Financial.
“I much enjoyed my time within the IFX Group and regret that we were unable to harness the full benefit of the time and effort that was spent on the successful development and launch of the new multi-manager program”, says Jones.
“I am talking to a number of people within the bank/broker community as well as other CTAs where the many benefits and advantages of a well-structured multi-manager program can be established for both retail and institutional clients. I also hope to continue trading the Zenith Program with which I have been involved since its inception in 1996,” he adds.
City Index, which is financier Michael Spencer’s privately owned spread betting firm, acquired IFX Group for 58 million. A spokesperson at IFX Markets says IFXCM was a great investment product but the company decided to reposition its resources to service its institutional traders and focus on its core broking and market making activities instead.