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.