IG Markets South Africa’s former CEO Aphindile AB Bokleni has joined Investec’s Prime Services division following the complete shutdown of IG Group’s South African operations. Bokleni led the local entity from December 2023 until recently, a tenure of roughly two and a half years during which the London-listed broker executed its exit from the jurisdiction.
The closure represents the final stage of IG’s South African withdrawal, which began when the firm ceased offering services through its local entity and encouraged clients to migrate accounts to offshore structures. The South African office had remained operational as a marketing hub for several months after regulated activities stopped. IG has now surrendered its Over the Counter Derivatives Provider licence, the authorisation required for offering contracts for difference in South Africa. The restructuring affected approximately ninety staff members previously employed in the country.
Bokleni spent eleven years at IG across multiple jurisdictions, progressing from trading services through operational management roles in India before returning to South Africa as Chief Operating Officer in 2020. His departure to Investec, a major financial services group with strong prime brokerage capabilities, follows a broader workforce reduction at IG that eliminated roughly ten percent of global headcount.
The South African exit reflects ongoing strategic consolidation among international brokers reassessing their physical footprint in emerging markets where offshore servicing models may prove more efficient.
FXnCO Insight
Surrendering local licences in favour of offshore client servicing continues to appeal to brokers navigating cost pressures, though firms must carefully balance operational efficiency against relationship management and regulatory expectations in each jurisdiction.
Source: Finance Magnates