Bedminster, New Jersey June 28, 2005 -- GAIN Capital Group, a leading non-bank provider of foreign exchange (FOREX) trading and asset management services, today announced new senior management appointments and expansion plans to meet sustained growth within the firm's rapidly expanding institutional and retail Forex business.
To accommodate its growing operation, GAIN Capital Group has moved corporate headquarters to Bedminster, New Jersey, providing the firm with double the square footage of its previous headquarters and an expanded 24-seat trading desk.
"GAIN's growth over the past three years has really been explosive," commented Mark Galant, CEO and Founder of GAIN Capital. "Annual revenues have increased 70% each year from 2002-2004 and the firm now handles in excess of $70 billion in total monthly trading volume," stated Mr. Galant. "Based on current market interest in FOREX from both retail and institutional investors, we expect this accelerated rate of growth to continue through 2008," added Galant. "These expansion initiatives will enable us to keep pace with our growing client base, deliver cutting edge technology solutions and maintain our commitment to exceptional customer service."
The firm has announced plans to open a New York City office in the second half of 2005 to support its growing US customer base, which now accounts for 50 percent of GAIN's trading volume. The New York office will be GAIN's second field office; the firm established a representative office in Shanghai, China in February 2004 to provide local support for its rapidly expanding Asian client base, including white label partners in the region.
GAIN also announced several senior management appointments.
Chris Calhoun has been promoted to Chief Operations Officer (COO). In this role, Mr. Calhoun is directly responsible for GAIN Capital Group's daily operations within application development, infrastructure, and back office operations as well as coordination between all the departments at the firm. Prior to joining GAIN Capital in 2001, Mr. Calhoun was Chief Operating Officer of FNX Limited, a provider of trading and risk management solutions to the international financial community. Most recently, Mr. Calhoun held the position of Vice President, Business Technology at GAIN Capital where he was responsible for trading, risk management, and operations technology. He is also a member of GAIN's executive management team.
Andrew Haines has been appointed Vice President, Application Development to manage the development effort of GAIN's proprietary trading platform as well as the firm's internal and customer-facing applications. Mr. Haines joins GAIN with over 17 years of experience delivering business and trading solutions for major corporations in the financial and brokerage industries, including Merrill Lynch and Smith Barney. Most recently, Mr. Haines was Chief Information Officer and Vice President, Technology at Bluefly, the online retailer.
Kenneth O'Brien has been named to the newly created position of Vice President, Product Management. In this role, Mr. O'Brien will work closely with GAIN's technology and marketing teams to define and implement GAIN's overall product strategy. Mr. O'Brien brings to GAIN a wealth of experience working in product management and business development and roles at several leading capital markets software firms. Most recently, Mr. O'Brien was a vice president in charge of business development at Accurate Software, a U.K.-based provider of operational risk management solutions for banks, securities firms and corporations.
Mr. Galant remarked that the company will continue to hire through the end of the year, adding as many as 25 employees in the areas of institutional sales and client services to handle the firm's increased business.