St. Louis, MO, March 7, 2014 – Jonathan Yao, who previously led Scottrade’s Hong Kong operations, is the new CEO of SogoTrade, a rival discount online brokerage.
The appointment was effective Jan. 1 but not announced until Friday.
Yao lives in the St. Louis area and plans to move SogoTrade’s headquarters from New York to Chesterfield this year, said Shelia Chi, human resources manager at SogoTrade.
SogoTrade has offices in New York, Chesterfield and Los Angeles. Yao led a group that acquired the brokerage firm last year and changed the name from Wang Investment Associates to SogoTrade.
Yao joined Town and Country-based Scottrade in 2001 and previously was president of Scottrade Hong Kong LTD and director of the company’s Asian Pacific operations. He left Scottrade in 2011.
Scottrade offers most stocks at $7 a trade, and SogoTrade is offering some stock trade for $3.
“Domestic customers continue to make up the majority of SogoTrade accounts and we continue to explore and develop the U.S. market,” Yao said in a statement. “At the same time, we’ll pay more attention to the fast growing Asian market.”
Reposted from stltoday.com: