Sign In
4 Oct 2010 08:00
Press Release
ICAP transfers treasury consultancy business (Butlers)
to Sector Treasury Services
London, 4 October 2010 - ICAP plc (IAP.L), the world's premier interdealer broker, has conducted a strategic review of the provision of treasury consultancy services and, as a result of this review, has agreed to transfer this part of the business to Sector Treasury Services Limited on 25 October 2010. The consideration, payable in cash, is not expected to exceed £100,000 and will be adjusted for a transfer of net liabilities of £200,000.
Customers of the treasury consultancy services business, known as Butlers, will have their contracts assigned to Sector. It is intended that the majority of Butlers' staff will move across to Sector on 25 October 2010 ensuring that there will be no disruption to the service that these customers receive.
David Whelan, Managing Director of Sector Treasury Services, said: "The addition of the tremendous experience and knowledge of the respected Butlers' team to our own will create an enhanced resource to enable us to continue to provide market-leading services to the combined client base. This unmatched array of specialist expertise, drawn from both the public and private sectors, will work together to support clients as they face the challenge of year on year revenue grant decreases and a requirement to improve services."
John Herbert, CEO EMEA for Money Markets & FX at ICAP, said: "After a thorough review we have decided to withdraw from providing treasury consultancy services and will concentrate on our interdealer broking businesses."
|
Contacts: |
|
|
|
Mike Sheard |
Director of Corporate Affairs |
+44 (0) 20 7050 7103 |
|
Alexandra Umpleby |
Head of Media Relations |
+44 (0) 20 7050 7104 |
|
Alex Dee |
Head of Investor Relations |
+44 (0) 20 7050 7123 |
About ICAP
ICAP is the world's premier interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives through voice and electronic networks. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more information go to www.icap.com
About Sector
Sector Treasury Services Limited is a subsidiary of The Capita Group plc. Sector is the leading and independent provider of capital financing, treasury advisory and strategic advisory consulting services to the public sector. For more information please visit http://www.sector-group.com
Follow the stocks
