Amana Divests UK Operations in Strategic Shift Toward MENA Focus
In a significant move underscoring a regional strategic pivot, FNG has exclusively learned that Amana, a contracts for difference (CFD) broker with a primary focus on the Middle East and North Africa (MENA), has sold its UK-based, Financial Conduct Authority (FCA)-licensed entity. The operation, Amana Financial Services UK Limited, has been acquired by 11:FS Holdings, a partnership between 11:FS Group CEO David Brear and Blackshield Capital founder Max Koretskiy.
A New Identity and Expanded Ambition for the UK Business
The acquired UK entity is undergoing a rebrand and will soon operate as Kinsworth Investments Ltd. Under its new ownership, the firm is poised for a broader expansion beyond its previous scope. Plans include not only CFDs but also a move into cash equities and fixed income products, signalling an ambition to build a more diversified brokerage platform in the UK market. This transition is currently underway, with regulatory approvals and operational integrations in progress.
Strategic Rationale: Doubling Down on the MENA Core
Insiders indicate that Amana’s decision to sell stems from a deliberate strategy to hyper-focus on its core MENA region. The group determined that its existing CySEC-licensed entity in Cyprus adequately covered any potential future expansion needs within the European Union, rendering the separate UK operation less critical. By divesting the UK entity, Amana aims to consolidate its corporate structure and redirect administrative and operational resources squarely toward growth and development in the Middle East and North Africa. This streamlining is a common tactic for regionally-focused financial firms seeking to optimize costs and regulatory overhead.
Kinsworth Investments Bolsters Leadership with Industry Veterans
The newly formed Kinsworth Investments has moved swiftly to assemble an experienced management team with deep roots in the retail FX and CFDs sector. The key appointments bring decades of operational and leadership experience from prominent firms.
- Richard Craddock, CEO: Craddock arrives after serving as CEO of ATFX UK. His extensive background includes over a decade as Chief Trader at MF Global and a tenure as COO at Fixi plc, providing a robust blend of trading, risk management, and operational expertise.
- Andy Cottrill, COO: Cottrill joins as Chief Operating Officer, most recently holding the same role at XPrime Markets. His career also includes senior positions at Taurex, Finalto, One Financial Markets, and CMC Markets, offering a comprehensive perspective on brokerage operations and compliance.
These hires suggest Kinsworth Investments is building a leadership cadre capable of navigating the stringent requirements of FCA regulation while executing an aggressive product expansion strategy.
Note: Amana Financial Services UK Limited was FCA-registered (FRN: 829259). The sale and subsequent rebranding to Kinsworth Investments Ltd are subject to final regulatory consents. The strategic rationale is based on industry analyst commentary and statements from parties familiar with the transaction.
