10th Dec 2018 12:18
LONDON (Alliance News) - TP ICAP PLC's Chief Executive Officer Nicolas Breteau said the interdealer broker will not be making any big deals in the coming year but will instead focus on the integration of ICAP, the Financial Times reported on Sunday.
Breteau said TP ICAP had become "distracted" with the integration of the two firms, the FT reported, and he is now in a race to finish the job, to give it more cash to compete with US firms BGC Partners, Tradeweb and Bloomberg.
Breteau was appointed as CEO in July following John Phizackerley's dismissal after the company issued a profit warning.
TP ICAP has committed to further spending in preparation for Brexit, higher regulatory costs and improving conduct and IT security.
Breteau, according to the FT, was adamant the firm could juggle the rising costs and its dividend.
https://www.ft.com/content/ac066054-fa13-11e8-af46-2022a0b02a6c
Shares in TP ICAP were up 0.4% in midday trading Monday at 298.40 pence each.
TP ICAP was formed when Tullett Prebon and ICAP, now known as NEX Group PLC, agreed for Tulett to acquire the ICAP's voice broking and information business. The deal was completed at the end of December 2016 for GBP1.3 billion.
The company fired former Chief Executive Officer Phizackerley as a result of increasing costs and reduction in cost savings target. Phizackerley spent four years at the helm. Breteau was previously TP ICAP's Head of Global Broking.
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