Totality (formerly Saxo Australia) today (Friday) named Rasmus Korfits as its new Chief Executive, taking over the top role following a change in the company’s majority ownership. The appointment was an internal promotion, as he has worked with the broker for more than seven years.
Succeeding a Long-Running Executive
Although the company did not highlight this, Korfits appears to be succeeding Adam Smith, who served as the company’s CEO for almost seven years and oversaw its transition from Saxo Australia to Totality. His future role with the company remains unclear.
Johannesburg-based DMA, a technology provider for financial advisers and wealth managers, acquired a majority stake in Saxo Australia. DMA took 80.1 per cent of the Australian business, while Denmark-based Saxo Bank retained a 19.9 per cent holding.
The sale came as Saxo reviewed its strategy in the Asia-Pacific region to support growth, while DMA prepared to launch its services in the Australian market.
Following the controlling ownership change, Saxo Australia was rebranded as Totality last August.
A New Direction for the Broker?
Before taking over as CEO, Korfits was an Executive Director at Totality, serving as Head of Legal and Company Secretary.
Under his leadership, the broker aims to strengthen its position as a technology-first partner to institutional clients, including financial advisers, asset managers, and professional investors.
It also plans to advance an institutional-led strategy focused on scaling client capability through end-to-end market infrastructure, including execution, custody, and post-trade services, designed to improve institutional operations.
“Having helped build this business for more than seven years, I’m focused on accelerating our next stage of growth—expanding our institutional footprint and continuing to invest in an all-in-one platform that gives clients a clear view of their wealth across personal and SMSF accounts,” Korfits wrote in a statement.
Meanwhile, the Australian contracts for differences (CFDs) market appears to be very concentrated. The local regulator recently revealed that only five brokers, topped by eToro, capture 79 per cent of total Aussie CFD traders.
The Aussie regulator also found lapses in mandatory obligations and rules in the brokers’ operations and forced them to return almost AU$40 million to affected traders.
This article was written by Arnab Shome at www.financemagnates.com.
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