IG Group CFO resigns to join investment firm Hargreaves: Reuters

(Reuters) Online trading platform provider IG Group Holdings Plc said its chief financial officer, Chris Hill, would leave the company early next year to join British investment firm Hargreaves Lansdown Plc as CFO.

Shares in the company slipped 2 percent on the news, ranking among the top losers on the FTSE-350 Index.. Hargreaves Lansdown shares were marginally up in early trade.

Hill’s resignation comes close on the heels of allegations by a group of clients that IG Group had traded in its own interest several minutes before acting on behalf of clients during the Swiss franc surge in January.

IG Group, which has categorically denied the allegations, said in July that the vast majority of its more than 370 clients had settled their debts with the company.

Hill, who joined the IG board in 2011, will leave in February 2016 and continue in his current role till then, the company said on Monday.
Hill’s resignation follows the retirement of Chief Executive Tim Howkins, who is expected to leave in October.

Hargreaves Lansdown’s previous finance chief, Tracey Taylor, left the company last December and Simon Cleveland, a partner in accountancy firm Deloitte, has been its interim CFO since then.

IG Group provides online stockbroking and trading services to retail investors, much like Hargreaves, whose platform allows retail investors to access mutual funds.

IG Group said it continued to trade in line with expectations and was scheduled to release a trading update on Sep. 22.