Spencer looks to expand Icap’s corporate broking business

Michael Spencer, the chief executive of Icap who last week stepped down as chairman of Numis and sold his 12 per cent stake in the stockbroker for £16m, is looking to expand his own equity broking operations.

Icap has a substantial execution- only equity broking business which is nearly as big as that run by Numis. But the inter-broker dealer is now looking to grow its corporate broking side by going into research or primary market-making capabilities.

Mr Spencer said last week: “There are a lot of very talented and disaffected people now coming on to the market and this could be a good time to be looking at new opportunities.”

Corporate broking is picking up with the demand for rights issues as companies seek to raise new capital and restructure their debt.

Mr Spencer stepped down from Numis because of his growing work load. He has had to focus more of his time on Icap, which recently joined the consortium made up of 10 banks and the London Stock Exchange that is bidding for LCH.Clearnet, Europe’s biggest clearing business. He is the Conservative Party co-treasurer and chairs City Index.