Veteran investment banker Ivan Ritossa has joined emerging, frontier and illiquid markets specialist merchant bank, Exotix Partners, as chairman of the board of directors and has bought a 10% stake in the company.
Ritossa was previously with Barclays Capital, which he joined in 2002 from Lehman Brothers to run its foreign exchange business. He is credited for overseeing the transformation of Barclays Capital into an FX powerhouse that increased its market share by 50% within a year of his arrival and tripled annual revenues to more than £1 billion in less than six years.
When he left in December 2012, Ritossa was a member of Barclays Capital’s executive committee responsible for Latin America, Central and Eastern Europe, the Middle East and Africa across investment banking, equities and fixed income, currencies and commodities (FICC). He was also a non-executive director of Absa Group in Africa, during which time he oversaw Absa Capital’s development into a pan-African investment bank. He is currently a non-executive director of Icap.
Phil Southwell, CEO of Exotix, who acquired a 5% stake in the firm, says, “We could not be more pleased that Ivan has agreed to serve as chairman. His remarkable knowledge of emerging and frontier markets and his broad knowledge and perspective on the changing banking landscape will be of great value to our organisation.”
Ritossa has worked in investment banking for more than 30 years, based in the UK, Asia and Australia, and has been a member of several industry committees including the Bank of England Foreign Exchange Joint Standing Committee, the New York Federal Reserve Foreign Exchange Committee and the Singapore Foreign Exchange Markets Committee.
The Exotix management team owns 50% of the company, and the rest is owned by Icap and investment company IPGL.