WHO WE ARE

IMS is a market-leading full-service brokerage platform offering trade execution/settlement, investment banking & advisory as well as equities & economic research. We intend to partner with our clients by providing a first-mover advantage to capitalize on investment opportunities underpinned by our top-tier service.

VISION

To become the preferred brokerage firm in Pakistan while playing a positive role in capital market development, leading to enhancement in the country’s investor base.

MISSION

We will offer best-in-class service in all our business lines and introduce superior technology solutions while keeping our clients’ interests on top at all times.

COMPANY HISTORY

Start

1995

Change of name to ING Barings Securities (Pvt.) Ltd

2009

Change of status to public limited company.

2015

Ranked #2 Best Local Brokerage in ASIAMONEY Awards

2019

Long term Credit rating raised to A- from BBB+

1994

Incorporated in Pakistan

2002

Change of Sponsor and change of name to Intermarket Securities Pvt. Ltd

2014

Corporate restructuring and launch of IMTrade

2017

Market Share reaches to 5%

2021

BRM rating raised to BRM2+ FROM BRM2

BOARD OF DIRECTORS

Erum Bilwani

Chairman

Mrs. Bilwani is the sponsor and major shareholder of Intermarket Securities, which was created post the acquisition of ING Barings Pakistan operations in the early 2000s.

She is a successful Pakistani businesswoman and investor with diversified experience in the financial sector primarily in the capital market. She is also a philanthropist and has worked with various NGOs in Pakistan, with a keen focus on making Pakistan better for women and developing opportunities for women to gain education and work in a safe and reputable environment. Mrs. Bilwani holds a Bachelors’s degree in Economics from the University of Karachi.

Wajid Hussain

Chief Executive Officer

Wajid has over 25 years of experience in Pakistan’s capital market and has held key management positions throughout his career. Before joining Intermarket Securities Ltd in 2018, he was the CEO and Board member at Global Securities for almost 15 years. He has forged strong business relationships with the top financial institutions in Pakistan. Since joining IMS, he has been instrumental in initiating new trading relationships to expand the firm’s client base and market share.

Raza Jafri, CFA

Head of Equities

Raza possesses about 15 years of experience in sell-side equity research and sales. He is also an elected Board Member of the CFA Society Pakistan. Prior to joining IMS, he was Head of Research at AKD Securities Limited. Raza carries an in-depth understanding of majors sectors at the PSX with a specialization in covering Commercial Banks.

He was awarded “Best Analyst of 2015/16” by CFA Society Pakistan and was also recognized for “Best Banks Coverage” by AsiaMoney in 2012. Raza graduated from the Lahore University of Management Sciences and is a CFA charter holder.

Rehan Alam

Independent Director

Rehan started his professional career at KPMG Taseer Hadi & Co. a member firm of KPMG International. During his tenure at KPMG, he served at various multinational clients working in varied economic sectors including Maersk Pakistan and Singer Pakistan. He joined Intermarket Securities in late 2014 and brings with him diversified work exposure in the fields of Finance, Compliance, and Audit & Assurance.

MANAGEMENT

Wajid Hussain

Chief Executive Officer

Wajid has over 25 years of experience in Pakistan’s capital market and has held key management positions throughout his career. Before joining Intermarket Securities Ltd in 2018, he was the CEO and Board member at Global Securities for almost 15 years. He has forged strong business relationships with the top financial institutions in Pakistan. Since joining IMS, he has been instrumental in initiating new trading relationships to expand the firm’s client base and market share.

Raza Jafri, CFA

Head of Equities

Raza possesses about 15 years of experience in sell-side equity research and sales. He is also an elected Board Member of the CFA Society Pakistan. Prior to joining IMS, he was Head of Research at AKD Securities Limited. Raza carries an in-depth understanding of majors sectors at the PSX with a specialization in covering Commercial Banks.

He was awarded “Best Analyst of 2015/16” by CFA Society Pakistan and was also recognized for “Best Banks Coverage” by AsiaMoney in 2012. Raza graduated from the Lahore University of Management Sciences and is a CFA charter holder.

Muhammad Fahad Zia

Head of Domestic Institutional Sales

Mr. Zia has over 15 years of experience in Equity Sales & Trading. Prior to joining, IMS he was Head of Sales & Trading from 2015 at Global Securities Pakistan Limited (formerly UBS Pakistan). He has a deep understanding of market dynamics and fundamentals and has strong relationships with domestic institutional investors, which also enables him to generate large block trades.

Adnan Khan

Head of International Sales

Adnan has over 12 years of experience in equity sales and trading along with exposure in the banking and retail sectors. Prior to joining IMS, he was working as Deputy Head of International Sales at Foundation Securities where he was servicing Macquarie Securities and Macquarie Bank, as well as several other international clients. He is an ACCA and holds Bachelor’s degree in Commerce.

Wasi M. Khan

Head of Online Trading

Wasi possesses over 15 years of experience in online brokerage services. Earlier, Wasi served in the Online Trading Division of IGI Securities where he was responsible for planning and executing business and marketing strategies to help the organization in increasing its market share and building long-term relationships with clients. Mr. Khan was also associated with JS Global Capital, where he was responsible for handling Sales and Customer Care.

Jawad Rauf

Consultant Investment Banking

Mr. Jawad Rauf is a member of Institute of Chartered Accountants of Pakistan (ICAP), currently working as an Investment Banker and Consultant with over 8 years accumulated, diversified and in depth experience in the areas of merger & acquisitions, equity raising, IPOs, financial management, balance sheet restructuring, financial planning and advisory on regulatory compliances. He has completed his CA training from A.F. Ferguson & Co. (a member firm of PwC) and has been associated with Intermarket Securities since 2016.

Muhammad Saad Ali, CFA

Head of Research

Saad has about 10 years of work experience and has worked for leading firms on both the buy and sell sides, including Al Meezan Investment Management and KASB Securities, which was previously affiliated with the Bank of America Merrill Lynch. He has covered several sectors in Pakistan but has developed a forte in the Energy chain and Utilities. He was ranked the 2nd Best Analyst in Pakistan by CFA Society Pakistan in 2020. Saad graduated with a Bachelors’s degree in Finance from the Institute of Business Administration and is a CFA charter holder.

Yusra Beg

Deputy Head of Research

Yusra has more than 7 years of work experience in sell-side equity research. Prior to joining IMS in 2015, Yusra worked as an Analyst at IGI Securities Ltd (a Packages Group company). She has covered several sectors in Pakistan but has developed a forte in Banks and Pharmaceuticals. She was ranked the Best Pharmaceutical Analyst in Pakistan by Asia Money two years in a row (2019-20). Yusra is a member of the Association of Chartered Certified Accountants (ACCA).

Zulfiqar Ali

Chief Financial Officer

Zulfiqar Ali joined Intermarket Securities Ltd (IMS) in August 2021 as Chief Financial Officer. He has over 20 years of experience in the banking and diversified financial sectors. Before joining IMS, he was Deputy General Manager in Habib Bank Limited. This followed stints at Abu Dhabi Investment Authority, Mashreq Bank and MCB Bank. Zulfiqar is a Chartered Accountant and is a Fellow member of the Institute of Chartered Accountants, Pakistan

Muhammad Younus

Head of Operations

Younus possesses over 15 years of experience in the financial industry. Prior to joining IMS, he served as the Manager Custody & Operations at KASB Securities Limited, which was previously affiliated with the Bank of America Merrill Lynch. He has been instrumental in implementing high-quality back-office operations at IMS, ensuring a smooth customer experience.

Arshad Khan

Head of Information Technology

Arshad has over 20 years of experience in the Information Technology field and extensive business domain knowledge and working experience in the financial markets. His experience includes working in Soneri Bank Limited, Foundation Securities, and KASB Securities. By qualification, he is a Bachelor’s in Computer Science from the University College of Information Technologies.