Icap grabs senior exec ahead of Tullett deal

Seth Johnson

Seth Johnson will become CEO of EBS BrokerTec, the firm said in a September 9 statement, succeeding Gil Mandelzis, whose intention to leave the company was announced in July.

Johnson had been the CEO of BrokerTec before it was merged with EBS in December 2014 and is credited with expanding Icap’s electronic markets product portfolio. He went on to become the head of strategy for Icap’s voice broking arm, which Tullett Prebon is on the verge of acquiring.

The UK’s Competition and Markets Authority approved the £1.1 billion sale on September 8 and Icap shareholders are voting on the deal on September 9 to approve a change to the original terms of the transaction. The first intention was for Icap to retain a 19.9% stake in Tullett while distributing the remaining 36% to shareholders, but in June Icap said it would hand the entire 56% stake over to its investors.

Following the transaction, Icap will rebrand as Nex Group.

The appointment of Johnson rather than an external candidate suggests the Icap veteran is seen as a safe pair of hands for the division, which is a key part of the firm’s aim to target electronic transactions in over-the-counter products and post-trade services.

Next year will mark Johnson’s 25th year at Icap, which he joined as a graduate. Already a member of the firm’s global executive management group, Johnson will retain that position and report directly to Michael Spencer, Icap’s founder and chief executive.

Johnson said: “EBS BrokerTec now has tremendous capability to serve the broadest range of clients in both the FX and fixed income markets. I am looking forward to working with the company’s outstanding management team and staff to grow the business and to realise and monetise the investments made to date.”

Spencer added Johnson’s “experience and understanding of our products and our clients, and his determination to develop EBS BrokerTec and maximise its performance for clients and shareholders alike, made him the outstanding candidate for the position”.

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