LONDON/PARIS, UK, France – StoneX Group Inc. has announced the completion of its acquisition of Octo Finances SA (“Octo Finances”), which will further expand the Company’s offering in fixed income and strengthen its capabilities in Europe.
“We’re thrilled to officially welcome Octo Finances to StoneX Group and believe the company will provide us with significant new capabilities. Our joint planning is well underway, and we are excited by the opportunities for growth for the combined the business in Europe,” said Anthony Di Ciollo, Global Head of Fixed Income at StoneX.
Octo Finances is a leading fixed income broker based in Paris, France. The company has expertise in bond and convertible sales, debt capital markets and credit research, having published over 75,000 reports since their founding in 1991.
StoneX announces management changes
StoneX Group Inc. has recently announced changes to its executive management team. At its recently concluded meeting of the StoneX Board of Directors (the “Board”), several changes to StoneX’s executive management team were approved. These changes include:
- Sean O’Connor, StoneX’s current Chief Executive Officer, will become Executive Vice-Chairman of the Board of Directors;
- Philip Smith, currently a member of StoneX’s executive committee responsible for the Commercial and Payments business segments, will become Group Chief Executive Officer; and
- Charles Lyon, currently a member of StoneX’s executive committee responsible for the Institutional business segment, will become Group President.
Mr. O’Connor will continue to be an active member of StoneX’s executive committee with primary focus on longer-term strategy, capital allocation and M&A activity, and his compensation package has been restructured to reflect a focus on share price appreciation and long-term value creation. Mr. Smith and Mr. Lyon will have general responsibility for managing StoneX’s business and will report to Mr. O’Connor.
Mr. O’Connor commented as follows on these management changes, “For the last 22 years I have had the enormous privilege and honor of being CEO of StoneX. From small beginnings – less than 10 people and less than $10 million in equity capital – we have now grown into a global financial franchise with nearly 5,000 employees and $3.3bn in market value.
As proud as I am of what we have achieved thus far, I am also equally clear that it is now time to transition the management of StoneX to the next generation of very capable leaders. Philip, Charles and I have all worked together for over 20 years and I am confident that under their leadership our incredible track record will continue well into the future.”
In addition to the above changes, Glenn Stevens , a member of the StoneX executive committee responsible for the Self-Directed/Retail business segment, will be retiring at the end of 2024. Mr. Stevens joined StoneX following the acquisition of Gain Capital Inc. in 2020.
Mr. O’Connor stated, “Glenn was one of the original founders of GAIN and we were very pleased that following the acquisition he stayed on with us and has been a key part of our success. We are highly appreciative of Glenn’s contributions to our success and have greatly enjoyed working with him.”
