The chief executive officer of ADS Securities (ADSS) will be leaving the firm shortly according to Reuters
Philippe Ghanem is departing the retail brokerage to “pursue new entrepreneurial business opportunities” the company said in a statement.
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ADSS Group chairman Mahmood Ebraheem Al Mahmood will take up Ghanem’s role until a suitable replacement is found.
It is unclear as to what “entrepreneurial business opportunities” the outgoing CEO will be pursuing.
His departure from the firm comes just over two months after his brother, Mathieu Ghanem, left ADSS.
Formerly global head of sales and marketing, Mathieu had been with the Abu Dhabi-based broker for almost a decade. He was replaced by Jason Hughes.
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Links to Natixis
Ghanem has a long history in the foreign exchange brokerage industry.
Despite only being 25 at the time, he co-founded Squared Financial Services in 2005 with Georges Cohen – a French financier.
Based in Dublin, the company is still active and provides a range of financial services to its clients, though it started life under Ghanem as an FX broker.
The Swiss-Lebanese executive became managing director at ADSS in 2011 and also headed up the broker’s London subsidiary before becoming group CEO.
ADSS was also in the headlines this week as it is allegedly tied up in the ongoing downfall of H20 Asset Management, a subsidiary of French bank Natixis.
According to the Financial Times, a “large holder” had been trying to offload bonds – including some from ADSS – tied to German entrepreneur Lars Windhorst.