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Broker TP Icap is taking legal action against trading business Nex Group over claims that it broke the terms of a deal. TP Icap was formed in 2016 when Tullett Prebon took over Icap’s voice broking business. The rest of the company was renamed Nex Group. TP Icap has accused Nex of breaking a warranty [...]
Man Group director Richard Berliand is close to joining interdealer broker TP ICAP as the company's new chairman as it looks to regain investors' trust following the chief executive's ousting. Berliand has held big trading roles at JPMorgan and is ICAP's first choice to replace current chairman Rupert Robson. The move is likely to be announced before Christmas and could even [...]
TP Icap is in talks to buy US energy broker Axiom Commodities Group, with a multi-million pound deal expected to be signed as soon as this week. The news that TP Icap is to acquire its smaller rival comes as the world’s largest energy broker prepares to publish its third quarter statement on Friday – the [...]
The world’s largest interdealer broker has revealed plans this morning to move into a major new City headquarters in Broadgate, in an effort to house all of its brokers under one roof following the firm’s merger in 2016. TP ICAP will take up four floors of 135 Bishopsgate in a leasing that will see [...]
Revenues dived at Tullett Prebon last year as demand from banks and other traders slumped, the interdealer broker said yesterday. Pre-tax profits fell 13 per cent to £86.6m, as revenues tumbled 12.5 per cent to £703.5m. The broker responded by slashing costs – 217 staff have been cut, and the firm has cut back [...]
One of business’s longest running disputes over staff poaching finally ended yesterday after British inter-dealer broker Tullett Prebon came out on top in its bitter five-year legal battle with US rival BGC Partners. Shares in the UK broker jumped eight per cent following news that the New York-based broker will pay Tullett $100m (£66m) to [...]
STRUGGLING broker Tullett Prebon yesterday confirmed that ex-Lehman executive John Phizackerley will take over the reins of the group from departing boss Terry Smith. But Smith, a high profile fund manager, will stay on at the firm on a lucrative £500,000 contract for the next two years to act as a consultant, the firm said. [...]
INTERDEALER broker Tullett Prebon yesterday confirmed high profile chief executive and City veteran Terry Smith will step down from the group after nearly eight years at the helm. Speculation about Smith’s departure, which first emerged on Monday, sent shares up nearly five per cent yesterday prior to the statement, made after markets closed last night. [...]
City brokerage Tullett Prebon has reached an agreement to acquire independent broker of oil instruments PVM Oil Associates. PVM's customers include oil companies, independent refiners and producers, banks and investment funds. PVM reported revenue of $107.5m (£63.4m) and profit before tax of $18.2m for the year ended 31 July 2013, with consolidated gross assets of [...]
TULLETT Prebon boss Terry Smith saw his pay fall 9.2 per cent last year after a dip in his annual bonus. Smith, who gets paid a fixed annual salary of £650,000, saw his bonus fall from £2.5m in 2012 to £2.2m last year. The bonus is based on the firm’s operating profits. His total pay [...]
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