ICAP boss defends share sale

Michael Spencer, Tory party fundraiser and chief executive of interdealer broker ICAP, hit out at criticism of his sale of £45m worth of shares shortly before the firm issued a profits warning. ICAP shares lost 20 per cent on 12 February, four weeks after Spencer cashed in. In a letter, he said: “This was clearly at the beginning of the new business year and there was no indication at that stage of any tail-off in our business.”