Michael Spencer sells majority of shares in newly-formed TP Icap

William Turvill
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Prince Harry ICAP Charity Trading Day In Aid Of Sentebale
Prince Harry took part in Icap's annual charity trading day last year (Source: Getty)

Michael Spencer has offloaded the majority of his nine per cent stake in TP Icap, shortly after the company was formed.

TP Icap was born after Tullett Prebon acquired the voice broking business of Icap, the company which Spencer led as chief executive.

Spencer is now chief executive of Nex Group, which is the new name for Icap.

Read more: TCP Icap shares jump (thanks to Donald Trump)

The boss took on a near-nine per cent stake in TP Icap when the deal went through at the end of 2016.

This shareholding now stands at less than one per cent after Spencer’s investment vehicles IPGL and Incap sold stakes in TP Icap.

Spencer took advantage of TP Icap’s heightened share price, which is trading at its highest level since the financial crisis.

TP Icap (formerly Tullett Prebon) TP Icap (formerly Tullett Prebon) | mobile image

Read more: Brokers ICAP to become NEX Group later this year

TP Icap’s share price is down around two per cent today at 459p after closing at 460p on Monday and 471p on Friday.

The company’s shares flew last Friday after a trading update for the last three months of 2016 reported a 12 per cent revenue increase.