Michael Spencer

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Michael Spencer
Michael-spencer.jpg
Occupation Chief Executive Officer
Employer NEX Group
Location London
Website www.icap.com

Michael Spencer is the founder and chief executive officer of NEX Group, formerly ICAP plc.[1]

Spencer is a former treasurer of the U.K. Conservative Party, and a long-time supporter of former prime minister David Cameron.

Background

Spencer founded the private equity firm IPGL in 1986. He became chairman and chief executive of Intercapital in October 1998, following the Exco/Intercapital merger. He, together with IPGL and its subsidiary INFBV, have interests in 21.7 percent of ICAP plc. IPGL’s other interests include City Index and investments in a variety of other financial services companies.[2]

Spencer is also chairman of FCFM Group, a privately owned investment firm.[3] He took over control of FCFM in June 2017.

Through IPGL, his personal investment fund, Spencer has invested heavily in hedge funds and other business start-ups, including $14.2m in Veridium, a cyber security start-up.[4]

He was the non-executive chairman of Numis Corporation plc from April 2003 to May 2009, when he resigned. Spencer also resigned from his post as the treasurer of the UK's Conservative Party in October 2010.

On Sept. 29, 2011, it was reported that Spencer was considering a bid by ICAP for the London Metal Exchange.[5]

In June 2014 it was reported that ICAP cut Spencer’s 2014 bonus 75 percent after profit missed targets and the interdealer broker paid a fine to settle a probe by British and U.S. regulators into Libor-rigging.[6]

Awards and Honors

Spencer was awarded a Beacon Special Prize 2007 in recognition of his pioneering approach to philanthropy. He was one of 13 recipients of the prize, which recognizing exceptional philanthropic contribution. Previous Beacon winners include Sir Bob Geldof and Jamie Oliver.[7]

He was also awarded Ernst & Young's Global Entrepreneur of the Year award in June 2010.[8]

References

  1. ICAP Directors. ICAP.
  2. About Us. IPGL.
  3. Michael Spencer Takes on Oil Exec, Wife in Insider-Trading Spat. Bloomberg News.
  4. Michael Spencer invests $40m in Europe-focused hedge fund. The Financial Times.
  5. Icap ‘considering’ bid for LME. Financial Times.
  6. ICAP Reduces CEO Spencer's Bonus 75% After Settlement. Bloomberg.
  7. 2007 Beacon Prize Winners. The Beacon Fellowship.
  8. ICAP founder Michael Spencer wins Ernst & Young's Global Entrepreneur of the Year award. The Telegraph.