TP Icap avoids shareholder upset at AGM as interdealer broker reports growing revenues

 
William Turvill
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TP Icap was founded as a result of Tullett Prebon's acquisition of the voice broking business of Icap, which is now known as Nex (Source: William Turvill/ City A.M.)

Interdealer broker TP Icap avoided a shareholder revolt over pay today after altering its plans earlier in the year.

The company, which was founded when Tullett Prebon bought Icap’s voice broking business, also today reported a jump in trading revenues in the first four months of the year.

Read more: City broker scales down exec remuneration scheme over investor pressure

Turnover for the period was £619m, 11 per cent higher than the £558m pro forma revenue for the same period last year.

“We have made a good start to life as TP Icap and I’m pleased to report that our core businesses have, once again, proved resilient despite mixed market conditions,” said TP Icap chief executive John Phizackerley.

“We look forward to continuing to develop our newly-formed group, delivering on our integration plans, and building on our position as the world's leading interdealer broker.”

Read more: TP Icap: Brexit means we'll move operations out of the UK to the EU

In AGM voting, 11 per cent of votes went against the firm’s remuneration policy. The same percentage went against the motion authorising the company to adopt a long-term incentive plan.

TP Icap scaled down its long-term incentive scheme earlier this year after its remuneration proposals were challenged by investors.

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