TP Icap latest City firm to pick Paris hub as new boss takes charge  

TP Icap has emerged as the latest City firm to pick Paris as its EU hub post-Brexit as its new boss Nicolas Breteau takes charge. 
In a further boost to French president Emmanuel Macron, the world’s largest interdealer broker said its European-based business will be managed and run from Paris after March 29 2019. 
The announcement comes as Frenchman Mr Breteau takes the reins of the business after John Phizackerley, also known as Phiz, was fired from his role last month
In a call on Tuesday morning, Mr Breteau said he was going to scrap one of his predecessors' policies of lowering the compensation ratio for voice brokers as it left the firm "like sitting ducks for our competitors". 
The move is likely to anger Phiz, with a close friend of his saying: "TP Icap is [Nicolas's] baby now, but what I can tell you is that every 1pc that you lower broker compensation is ?18m to the bottom line". 
Trying to soothe fears a month after the business had its worst ever day of trading, Mr Breteau also promised investors that the firm now had a more "realistic" integration plan and would invest ?9m into its data and analytics business in the coming years.  
TP Icap latest City firm to pick Paris hub as new boss takes charge  

Paris has emerged as a popular destination for City firms
The FTSE 250 company, created via a landmark deal with City tycoon Michael Spencer in 2016, said its pre-tax profits for the first six months of the year had plunged 52pc on a year ago to ?34m.
Excluding integration and acquisition costs profits rose 7.7pc to ?139m, it said.  
The results were in line with the City's expectations, after the company issued a profit warning last month and lowered the amount it expected to save from its ?1.3bn purchase of Icap's voice broking business two years ago. 
Rival firms told The Daily Telegraph earlier this year that they would be all over the business “like a cheap suit” in the months ahead as it fights to revive its fortunes.  
A debate began about who should lead the company earlier this year, when the firm's cost saving targets from the merger started to look increasingly unrealistic. Phiz, who used to be known as "Phizzy Rascal" or the "Wolf of Wimbledon" by traders, is not understood to have another role yet. 
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