Michael Spencer
Encyclopedia
Michael Alan Spencer is a British businessman; the chief executive of ICAP plc, the world's largest interdealer broker. He is also currently the owner of spread betting
firm City Index
.
In the Sunday Times Rich List 2008
ranking of the wealthiest people in the UK he was placed 62nd with an estimated fortune of £1,150 million.
and at Corpus Christi College, Oxford
, where he read physics.
In 1998 it was acquired by Exco plc
in a reverse takeover
and the enlarged business was renamed Intercapital plc. In 1999, the company merged with Garban plc to create Garban-Intercapital plc, which renamed itself ICAP plc in 2001. Spencer remains CEO.
In March 2007 he was named Entrepreneur of the Year at the European Business Leader Awards. In November 2007, he was awarded the prestigious Beacon Fellowship Prize for setting up ICAP's Charity Day.
Michael Spencer was named the Ernst & Young World Entrepreneur Of The Year 2010 at an awards ceremony held on Saturday 5th June, in Monte Carlo's Salle des Etoiles. Mr Spencer was picked from among the more than 50 country finalists vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. The 2010 awards ceremony marks the tenth consecutive year the Ernst & Young World Entrepreneur Of The Year has been held.
.
, Suffolk
and Manhattan
.
Spencer is an avid art collector with an impressive twentieth century and contemporary collection, including the work of Lucien Freud and Scottish artist,Jack Vettriano He is a shareholder and an associate director of Ipswich Town Football Club, but has little interest in football.
Spread betting
Spread betting is any of various types of wagering on the outcome of an event, where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds betting or parimutuel betting. A spread is a range of outcomes and the bet is whether the outcome...
firm City Index
City Index Group
City Index Group is a broker providing online financial spread betting, FX, and CFD trading. As well as Britain, it operates in United States, Australia, China, Singapore, Poland and Germany. Today, the group consists of the City Index Limited, Finspreads, FX Solutions and IFX Markets...
.
In the Sunday Times Rich List 2008
Sunday Times Rich List 2008
The Sunday Times Rich List 2008 was published on 27 April 2008.Since 1989 the UK national Sunday newspaper The Sunday Times has published an annual magazine supplement to the newspaper called the Sunday Times Rich List...
ranking of the wealthiest people in the UK he was placed 62nd with an estimated fortune of £1,150 million.
Biography
Spencer was educated at the Worth Abbey Benedictine (OSB) School, SussexWorth School
Worth School, near the village of Turners Hill, Crawley, West Sussex, England, is a co-educational Roman Catholic boarding and day independent school for pupils aged between 11–18 years. The school is located with Worth Abbey, a Benedictine monastery, in of Sussex countryside...
and at Corpus Christi College, Oxford
Corpus Christi College, Oxford
Corpus Christi College is one of the constituent colleges of the University of Oxford in the United Kingdom...
, where he read physics.
Career
While still a student, he made £30,000 dealing in shares, and then worked at Drexel Burnham. Fired from there for trading errors, he resolved to establish his own empire and Spencer founded Intercapital Private Group Limited in 1986.In 1998 it was acquired by Exco plc
Exco International
Exco International was a leading British money brokering company. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by British & Commonwealth Holdings in 1986.-History:...
in a reverse takeover
Reverse takeover
A reverse takeover or reverse merger is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public...
and the enlarged business was renamed Intercapital plc. In 1999, the company merged with Garban plc to create Garban-Intercapital plc, which renamed itself ICAP plc in 2001. Spencer remains CEO.
In March 2007 he was named Entrepreneur of the Year at the European Business Leader Awards. In November 2007, he was awarded the prestigious Beacon Fellowship Prize for setting up ICAP's Charity Day.
Michael Spencer was named the Ernst & Young World Entrepreneur Of The Year 2010 at an awards ceremony held on Saturday 5th June, in Monte Carlo's Salle des Etoiles. Mr Spencer was picked from among the more than 50 country finalists vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. The 2010 awards ceremony marks the tenth consecutive year the Ernst & Young World Entrepreneur Of The Year has been held.
Politics
Spencer stood down as treasurer and member of the board of the Conservative Party in October 2010Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
.
Personal life
Spencer has homes in Holland Park, LondonHolland Park
Holland Park is a district and a public park in the Royal Borough of Kensington and Chelsea, in west central London, England.Holland Park has a reputation as an affluent and fashionable area, known for attractive large Victorian townhouses, and high-class shopping and restaurants...
, Suffolk
Suffolk
Suffolk is a non-metropolitan county of historic origin in East Anglia, England. It has borders with Norfolk to the north, Cambridgeshire to the west and Essex to the south. The North Sea lies to the east...
and Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
.
Spencer is an avid art collector with an impressive twentieth century and contemporary collection, including the work of Lucien Freud and Scottish artist,Jack Vettriano He is a shareholder and an associate director of Ipswich Town Football Club, but has little interest in football.