TP ICAP Line Up Man Group Director Richard Berliand As New Chairman

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Richard Berliand, a director of Man Group, is close to joining TP ICAP, an interdealer broker, as the new chairman of the company as it prepares to regain the trust of the investors after the ousting of its chief executive.

Berliand has held significant trading positions at JPMorgan and is the first choice of ICAP to take the place of Rupert Robson, its current chairman.

According to Sky News, the move is anticipated to be likely announced before Christmas and could even be as soon as this week.

If the appointment does go as planned, it will hand Berliand one of the biggest chairmanships in the City at a rather challenging time for the interdealer broking sector which is being disrupted by structural and technological change.

The first task of Berliand as the chairman of the largest inter-dealer broker of the world will be to complete the integration of Tullett Prebon and the voice and hybrid broking businesses of ICAP which merged at the end of 2016.

A profit warning in the summer saw the shares of TP ICAP plunge by approximately 30 percent and John Phizackerley, its then chief executive, was dismissed as the company warned that it had failed to exert an adequate tough grip on costs.

Robson had been planning to stand down from his position as the chairman of the company at the end of year, however, he could now stay for a few months longer in order to ensure a smooth transition.

The positions that were held by Berliand at JPMorgan included being the global head of cash equities and global head of prime services for 23 years prior to joining the board of Man Group in 2016.

He is also is the deputy chairman at Deutsche Boerse, he is on the global markets advisory committee of the Commodity Futures Trading Commission in Washington, and he holds a directorship at Rothesay Life.