Manulife Alumnus Seeks to Undercut FX Fees With $30 Million Bet

VCM Global Asset Management Ltd., a private equity firm led by a former Manulife Financial Corp. managing director, is investing $30 million in a financial-technology company seeking to slash the fees institutional investors pay in the $2-trillion-a-day foreign-exchange market.

The stake is worth more than 25% of a unit of currency manager Millennium Global Investments, VCM founder Tom Vukota said in a phone interview. He said the London-based fintech company, which is known as MillTechFX, is using the proceeds to ramp up its sales and marketing as it seeks to expand its operations, currently focused on Europe, to ...