ETX buys collapsed broker Alpari’s client list in possible £10 million dealComments Off on ETX buys collapsed broker Alpari’s client list in possible £10 million deal
Alpari UK — the former shirt sponsor of West Ham United — blew up when the Swiss National Bank suddenly scrapped its €1.20 peg for the Swiss franc, sending its value soaring and generating huge losses for customers betting against the “Swissie”.
Administrators KPMG have now struck a deal with ETX over Alpari UK’s 160,000 clients, accounting for $100 million (£66.7 million) in funds.
ETX is expected to pay at least $3 million although if it claims a high number of Alpari’s former clients it could end up paying more than $10 million.
The deal could even double ETX’s current 160,000 clients and significantly expand the firm’s international reach. The company has taken on 20 new staff to support growth in London.
Chief executive Andrew Edwards said the company is in talks with two other parties over other deals and added: “What you are going to see following the general increase in competitiveness of the industry and the Swiss event is that people have been revisiting the business model. There has also been a flight to safety.
KPMG sold the intellectual property and Alpari brand name to IP Holdings, a company linked to the Russian founders of Alpari last month.
Alpari’s trading operations were unaffected by the collapse of Alpari UK, which was a separate legal entity.