Spencer to quit Tory post

MICHAEL Spencer, chief executive of ICAP, will resign as treasurer of the Conservative Party in order to try and turnaround the fortunes of the struggling inter-broker dealer.

He is set to leave the post after the general election, having spent four years fund-raising for the Conservatives. Under his tenure the Party has reduced an £8m deficit and raised £75m since David Cameron became party leader.

However, ICAP has struggled of late and Spencer wants to remove the broker from the cash equities business and turn around the fortunes of its shipping and Brazil divisions.

Shares in the broker fell 19.5 per cent at the beginning of the month after it warned its full year profits would fail to meet market expectations. It said its full-year profits would be between £295m and £315m compared to market expectations of £320m.