Shock departures at ICAP

By Darren Jer | Jun 11, 2007

By Susanna Robinson and Saima Farooqi
NEW YORK — Interdealer broker ICAP has witnessed the resignation of three senior members of the former EBS team, shortly after the departure of former chief executive Jack Jeffery.

James Sinclair, head of research and strategy, Ed Howorka, chief business risk officer and Darren Jer, regional FX sales manager are confirmed to be leaving ICAP in New York. It is thought the trio will be setting up a company together in the future.

The departures follow the resignation of Jeffery, who was named chief executive of a newly created electronic broking division at ICAP, following its acquisition of EBS in June last year ( FX Week, June 4). Jeffrey is understood to be taking the summer off before considering his next move. The quartet has been synonymous with the EBS brand, which has continued to catapult electronic trading revenues at ICAP since being acquired. In its annual report released last month, ICAP recorded a 103% rise in electronic revenue to £199.1 million ($391 million), as a result of the EBS acquisition.

In the wake of the most recent departures, John Nixon, the new chief executive of the electronic broking division, said excellent progress has been made in integrating EBS into ICAP’s electronic broking business after its acquisition of EBS. “Inevitably we have seen some changes to the business,” Nixon said.

ICAP’s research and strategy team will report to Ed Brown, while the marketing team will report to Herman Kaldewaaij, head of marketing. ICAP’s business risk team will continue to report to Stephen Caplen, chief operating officer.

Separately, ICAP has also seen the departure of Anton Aucamp, head of marketing and communications in London.

ICAP declined to confirm if the team will be replaced.

Source: FX Week

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