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TP Icap keeps asset manager focus with £7.1m acquisition

Chief executive John Phizackerley is focusing on fund management clients discarded by bulge bracket banks

TP Icap keeps asset manager focus with £7.1m acquisition

TP Icap has acquired an agency broker founded by two former Newedge traders in a continued effort to do more business with hedge funds and asset managers.

The interdealer broker, which was formed at the end of 2016 by Tullett Prebon's £1.3bn takeover of Icap, said in a statement that it has acquired Coex Partners for an initial £7.1m in cash. The sum includes the settlement of existing loans from shareholders. Further payments may follow over the next four years depending on performance.

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Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is ReachedExternal link

Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is Reached