TP Icap blow as merger architect steps down from broker

A key architect of the TP Icap merger, finance boss Andrew Baddeley, surprised the Cityon Friday by quitting the interdealer broker.

Baddeley, 53, will step down at the end of the year. Deputy Robin Stewart will take over until a permanent replacement is found.

Chief executive John Phizackerley said the firm was sad to see him go but wished him well. “He has overseen the finance function at an intense period of change and growth for the group,” Phizackerley said.

Baddeley was named finance boss of Tullett Prebon in May 2016 shortly after Tullett and Icap, known for its annual charity day which has featured Prince Harry, struck an agreement to merge.

“As a major architect of the integration plan and associated cost-cutting programme we view this news with some concern,” Shore Capital analysts warned.

The shares fell 5.6% to 505p after the firm warned of a “challenging” final quarter. Third-quarter revenue was £420 million, up 2% at constant exchange rates versus last year.