FORMER 'CURRENCY KING' & CUSTOM HOUSE FOUNDER LAUNCHES ENCOREFX. THE FIRST TARGET IS CANADA'S $9B IMPORT EXPORT MARKET.
VICTORIA, March 2, 2015 /CNW/ - With his five year non-compete period ended, Peter B. Gustavson, FCA, CPA is pleased to announce the launch of EncoreFX http://www.EncoreFX.com with five new branch offices opening simultaneously to provide foreign exchange services to corporate clients across Canada.
The EncoreFX going forward strategy includes confidential plans for several more branch openings this year and next.
"The foreign exchange business is ripe for positive, disruptive change and I think the team we have assembled can do this better than anyone else. That's why we are so excited to put the band back together," said Gustavson, CEO. http://encorefx.com/about/team/ "Fortunately, at EncoreFX we are starting with a solid financial base, a network of bank and non-bank partners across the globe, sophisticated knowledge of the industry and a strong team with many years of experience."
Mr. Gustavson is the founder, former President and CEO of Custom House Ltd, one of the world's largest non-bank foreign exchange companies with offices in seven countries, customers in 115 countries, more than $35 billion in transactions and more than 40,000 corporate clients worldwide. Custom House was named by Deloitte as one of the "50 Best-Managed Companies in Canada" for 8 years in a row. In September 2009, the company was purchased by Western Union for USD $370 million. Gustavson started Custom House with $35,000 and three staff in 1992.
In recent weeks, offices have been opened in Harbour Tower, Vancouver; Canada Place, Calgary; 101st Street Tower, Edmonton; Saskatoon Square, Saskatoon; and Carling Executive Park, Ottawa all staffed with highly skilled forex professionals, most with elite Custom House experience.
"We'll have 30 employees as of March 2nd," said Paul Lennox, CFA, President of EncoreFX and a fifteen year FX veteran. "By the end of this year, we will have 50 to 60 employees and we are conservatively projecting $2 billion in foreign exchange transactions."
Under Embargo until March 2, 2015
85% of EncoreFX's employees are Custom House alumni including Lennox, who was a member of the Custom House executive team. http://encorefx.com/about/team/
"We have established the core team to build out the business," said Lennox. "With the core in place the intent is to hire new people we can nurture to learn the business. Most people we've hired have approached us, primarily through the Internet. We're already perceived by FX industry professionals as the place to be in the non-bank corporate foreign exchange sector."
"Obviously, some of the advantages we enjoy are an in-depth knowledge of the FX business acquired over many years of experience," said Gustavson. "We have proficiency through our best-in-class risk management systems, world leading payment processing platform and our strong international banking relationships. At EncoreFX we have integrity backed by an accomplished, experienced and trusted team with a strict code of professional conduct."
EncoreFX http://encorefx.com/services/ provides tailored access to foreign exchange markets for companies of all sizes. Encore facilitates a wide range of FX services from competitive spot transactions and rates; international payments to suppliers through the most reliable and cost effective payment networks; long-term risk management strategies to mitigate the risks a company is exposed to when conducting business in foreign currencies. Encore acts as an insurance policy against the impact currency swings can have on cash flow, budgets, and the financial health of a company.
In addition, EncoreFX offers timely Market Updates and ongoing bulletins to help clients make smart and profitable forex decisions as well as links to financial professionals, news sources, and email based news publications, breaking news, markets, resources and solutions. http://encorefx.com/external-resources/
Image with caption: "EncoreFX (CNW Group/EncoreFX)". Image available at: http://photos.newswire.ca/images/download/20150302_C6231_PHOTO_EN_12676.jpg
For further information: Don Fenton, 416-434-3681, [email protected]