Exotix Said to Lose Equity Team Following Ownership Dispute

  • Kato Mukuru, James Busch, Sruti Patel, Sarah Maja quit in Aug.
  • Ex-Citigroup executive Harley joins as chairman of equity unit

Exotix Partners LLP’s four-member equities team has left the London-based brokerage after a dispute over ownership of the business, according to two people with knowledge of the matter.

James Busch, who was head of equities trading at Exotix, and equity research head Kato Mukuru, have quit along with Sarah Maja and Sruti Patel after a failed attempt to get a stake in the equities unit, the people said, asking not to be identified as the news isn’t public.

The departures are the latest example of turnover at Exotix, where controlling shareholder and ICAP Plc Chief Executive Officer Michael Spencer has been seeking to expand in East Africa and boost equities trading. Head of equities Ali Khalpey quit earlier this year while the firm hired Duncan Wales as CEO in July, its third head since 2015.

To replace the departing team, Exotix hired ex-Citigroup Inc. executive Stuart Harley as chairman of its equities unit and promoted Hasnain Malik to head of equities research, according to Exotix spokesman Gavin Serkin, who declined to comment on the departures. Esili Eigbe will lead the Nigerian office and Vicky Elliot will head equity sales and trading, according to Exotix.

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