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TP Icap complains of 'mixed market conditions' as CFO steps down

One of the key architects behind last year's mega-meger ofTullett Prebon and the phone-based broking unit of Icapis to leave the group as it faces challenging market conditions.
TP Icap surprised the marketby announcingthat its chief financial officerAndrew Baddeley, who has overseen the integration of the ?1.3bn tie-up that created the world's largest interdealer broker, would be leaving the business.
Mr Baddeley does not have another role lined up, a person close to themove said, adding that his exitwas timed with the first stage of the integrationcoming to an end. The second part, which is integrating IT systems, will be overseen by the chief operating officer.
TP Icap also issued a downbeat outlook forthe months ahead,noting thatfourth quarter revenues are likely to be challenged by current trading conditions andlow levels of volatility. That is ashift on ayear ago, whenthe so-called'Trump-bounce' sparked a surge in trading.
The updatesent shares spiraling almost 5pc as investors digested the news, which overshadowedthe announcement thatrevenues for the three months to September 30 had risen 3pc to ?420m.
TP Icap complains of 'mixed market conditions' as CFO steps down

The surprise US election result last year triggered a so-called'Trump-bounce', which sparked a surge in trading.
"Revenue has shown modest growth in the quarter despite mixed market conditions, marked by ongoing low levels of volatility," the business said, adding thatthe last quarter of 2016 "was driven by US political and economic developments".
It noted thatmarket conditions were particularly tough in its power and commodities businesses, with global broking revenue in line with the prior year.
However chief executiveJohn Phizackerley said the group was "well-placed to benefit from any interest rate rises in the US and Europe."
The Bank of England yesterdayraised interest rates for the first time in a decade.
Mr Phizackerley said he was sad to see MrBaddeley go and made clear that he was responsible "for putting in place the integration process for the two companies, which is now well under way, and on track".
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