TP Icap's CFO has stepped down

Departure

The chief financial officer of the world's largest interdealer broker is to step down with immediate effect, it was announced this morning.

Andrew Baddeley, who has been in the role at TP ICAP since May 2016, oversaw the takeover and integration of Nex group's voice-broking business.

Chief executive John Phizackerley said he was "sad" to see Baddeley go, and added that the departing finance chief had successfully kickstarted the integration of the two companies, "which is now well underway and on track".

Phizackerly added: "He has done this while helping us deliver a good financial performance in challenging market conditions."

Baddeley's departure was announced as the group unveiled a rise in revenue for the third quarter, despite "challenging" trading conditions.

Revenue of the newly-enlarged company in the year to date was reported at £1.2bn, up nine per cent on last year.

Energy and commodities income was weaker, but growth in other areas offset this. The company's data analytics business, which this week was given its own CEO in the form of Eric Sinclair from Canada's TMX exchange, grew by six per cent in the third quarter.

Integration of ICAP has resulted in the slashing of 175 jobs, as the group focuses on achieving synergy targets.

The company expected the fourth quarter to remain challenging. Phizackerley noted: "Looking ahead we expect comparatively subdued market conditions for the fourth quarter of 2017 although we are well-placed to benefit from any interest rate rises in the US and Europe."

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

Full story: TP Icap's CFO has stepped down: City A.M.

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