October 16, 2017 / 10:21 AM / 5 months ago

MOVES-Knott steps down as NEX Optimisation head

LONDON, Oct 16 (IFR) - Jenny Knott has stepped down as CEO of NEX Optimisation, the post-trade division of the former ICAP group. She will be replaced by Ken Pigaga, previously global chief operating officer of the wider NEX Group.

Knott’s departure comes alongside a wider restructuring of the division. Earlier this month, NEX Group warned 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.

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 completed the £1.28bn sale of its voice broking operations to Tullett Prebon in late 2016.

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

Pigaga was appointed to the role of COO in November 2016 and joined the NEX board in May this year. During that time 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.

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.

Knott will pursue new opportunities outside the NEX Group but will remain with the company for a handover period. (Reporting by Helen Bartholomew)

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