Plus500 Names Nick Scarf New Leader In Australia

Plus500, the publicly listed retail trading firm on the London Stock Exchange, has appointed Nick Scarf as the new leader of its Australian branch. The company said this leadership change takes effect this month as part of its plan to boost its presence in the Australian market. Plus500 views Australia as a vital area for growth, despite the local branch being smaller compared to its global operations.

The firm said Nick Scarf arrives from Marex, where he held the role of Chief Operating Officer for Australia and New Zealand. Scarf brings a wealth of experience in financial markets and leadership across several trading and brokerage firms. The company expects his background to help drive Plus500’s expansion in the competitive Australian sector.

Nick Shares His Work Experience

Scarf’s career includes important time at Marex, which acquired E D & F Man Capital Markets Australia during his tenure. Before the takeover, Scarf worked as Chief Operating Officer at E D & F Man Capital Markets. The firm noted that his operational experience will be crucial for leading the Australian division.

The company said Scarf also spent several years as the leader of Genesis Proprietary Trading, where he gained valuable experience managing trading operations. This role showed his ability to manage and grow trading operations, which will be key in his new position. Scarf himself shared on social media that he is excited to begin his role at Plus500 Australia.

Plus500 added that Scarf’s career covers senior roles at Newedge Singapore and MF Global, with his career starting in the early 1990s at L Quay Futures Brokers. The firm said his broad experience in different financial institutions positions him well to handle the Australian market’s specific demands.

The appointment comes as Plus500 generated $51.4 million from its Australian operations last year. The company said this figure represents about 7 percent of its total $768.3 million revenue last year. Plus500 believes that even with a smaller team, the local branch plays an important role in its overall business.

Plus500 Reports Strong Customer Growth Worldwide

Globally, Plus500 saw growth, with new customers rising 30 percent to 118,010 last year. The firm said total active customers also increased by 9 percent to 254,138, showing steady interest in its trading services. The company added that customer deposits reached $3.0 billion, with an average deposit of around $12,000 per active customer.

Although Plus500 has not released an official statement about Scarf’s appointment, the news came from his social media announcement. The firm said he replaces Sean Murphy, who led the Australian branch for ten years.

The company said Scarf’s appointment reflects its ongoing commitment to Australia as a key market. Plus500 noted that with his leadership, the firm aims to build on its current success and better serve its Australian customers. The firm is optimistic about the future and the opportunities ahead.