TP Icap Blow as Merger Architect Resigns From Broker

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On Friday, finance boss Andrew Baddeley, a key architect of the TP Icap merger, surprised the City by resigning from the interdealer broker.

Baddeley will step down at the end of 2017. Deputy Robin Stewart will take over the vacated position until a permanent replacement for Baddeley is found.

John Phizackerley, the Chief executive of the company, said that the firm was sad to see Baddeley go but they wish him well. “He has overseen the finance function at an intense period of change and growth for the group,” said Phizackerley.

In May 2016, Baddeley was appointed as finance boss of Tullett Prebon shortly after Tullett and Icap, known for its yearly charity day which has featured Prince Harry, finalised an agreement for a merger.

“As a major architect of the integration plan and associated cost-cutting programme we view this news with some concern,” waned Shore Capital analysts.

After the firm notified of a “challenging” final quarter, the shares of the company dropped 5.6 percent to 505p. The revenue for the third-quarter was £420 million, up 2 percent at consistent exchange rates versus last year.