Michael Spencer Explained

Honorific-Prefix:The Right Honourable
The Lord Spencer of Alresford
Office10:Member of the House of Lords
Lord Temporal
Term Start10:12 November 2020
Life Peerage
Birth Date:30 May 1955
Birth Place:Kuala Lumpur, British Malaya
Nationality:British
Known For:ICAP, ICAP Charity Day, political fundraising
Party:Conservative
Boards:inter alia Alresford Racing, Nex Group, The Conservative Party Foundation, IGPL Holdings, Sirai House, BI Wines and Spirits, Sirai, Finsbury Fine Art, ICAP, InterCapital Brokerage Services
Spouse:Lorraine Spencer (div. 2008)
Children:3

Michael Alan Spencer, Baron Spencer of Alresford (born 30 May 1955), sometimes known as "Spence",[1] is a British billionaire businessman and philanthropist. He is the founder of NEX Group, a UK-based business focused on electronic markets and post-trade business which was acquired by CME Group in November 2018. NEX Group was formerly known as ICAP, until the sale of its voice-broking business to Tullett Prebon in December 2016.

Spencer was described in 2018 as the richest self-made person in the City of London and a "City grandee".[2] According to the Sunday Times Rich List in 2021, he is worth an estimated £1.2 billion.[3] He was awarded a peerage in August 2020 in the Political Honours List.[4]

Education

Spencer was born in British Malaya. His father was an economist and international civil servant, his mother a linguist. During Spencer's early childhood, his family moved from his birth country to Sudan and then Ethiopia. Aged eight, he was sent to England to board, latterly at Worth School in Sussex. He read physics at Corpus Christi College, Oxford.[5]

Spencer is an Honorary Fellow of Corpus Christi College, Oxford and an Honorary Doctor of Loughborough University.[6] [7]

Early career

In 1976, he joined city broker Simon and Coates. In 1981, he joined Drexel Burnham, rising to Vice President before being fired for trading errors. From 1983 to 1986 he was a Director at futures firm Charles Fulton; when that firm floated, Spencer used £50,000 from his proceeds to co-found his first business, along with three colleagues.[8]

ICAP

Spencer co-founded Intercapital Brokers in 1986.[5] Over its 20 years as a listed company, its total shareholder return was close to 6,000 per cent.[9]

Intercapital was the first to launch a real-time screen that displayed live prices.[8] In 1998, it was acquired by Exco in a reverse takeover, and the enlarged business was renamed Intercapital.[10] In 1999, the company merged with Garban to create Garban-Intercapital, the largest inter-dealer broker in the world, with more than 5,000 employees across 63 offices.[11] Garban renamed itself ICAP in 2001 (its full name did not fit on trading screens, hence the abbreviation to ICAP).[8]

Functioning as an inter-dealer broker, ICAP brought together large financial institutions in search of buyers and sellers for corporate and government bonds, foreign currency, commodities and other financial products. The firm collected commissions and connected clients via its electronic trading platforms. In 2006 ICAP entered the FTSE 100, one of few companies to do so with a founder CEO.

Following the sale of its voice broking business to banking firm Tullett Prebon in December 2016, ICAP was renamed NEX Group, while Tullett Prebon became TP ICAP. Spencer sold the majority of his stake in TP ICAP in January 2017. He remains CEO and largest shareholder of Nex Group, as of February 2017.[12]

In February 2010, Spencer made £45m from the sale of ICAP shares weeks before the company issued a profit warning that resulted in a 16% fall in the firm's share price.[13]

In September 2013, ICAP was implicated in the global Libor interest rate scandal and fined $87m (£54m) by the US Commodity Futures Trading Commission and Britain's Financial Conduct Authority.[14] [15] In March 2014, British prosecutors filed charges against three former ICAP employees for their role in the affair. They were among a global group of finance professionals to be investigated, including staff from Barclays, UBS, Citigroup and RP Martin. In January 2016 the three ICAP employees were unanimously acquitted in the UK; the US Department of Justice dropped charges against the trio in July 2016.[16] [17] Spencer was not implicated but issued a public apology on behalf of ICAP.[18]

In March 2018, NEX announced an approach by CME Group further to a proposed acquisition. CME Group offered £3.8bn in a cash-and-share deal, valuing Spencer's stake at approximately £668m.[19] [20] By the time the deal was completed in November 2018, Spencer's stake had grown to over £700m, half of which he received in cash, raising his net worth to over £1bn.[9] As a listed company, NEX's total shareholder return was close to 6,000 per cent.[9] Spencer serves as a CME Group Board Member and Special Advisor.[21]

IPGL and other business interests

Spencer holds stakes in numerous public and private companies.

Finance investments

In 1997, Spencer purchased a controlling interest in spread betting firm City Index Group, acquiring his stake from the firm's founders. City Index was later sold for $118m to financial services company GAIN Capital, netting Spencer more than $80m.[22]

He is Chairman, director and majority shareholder in IPGL, a private holding company making investments on behalf of Spencer and other family trusts. He is an early-stage investor in Temple Grange Partners, a consultancy that finds compliance specialists for financial markets.[23] He is a co-owner of Exotix, a frontier markets investment banking boutique.[24] He has led investment rounds in various fintech firms, including biometric authentication firm Veridium, file regeneration technology firm Glasswall Solutions and FX data analytics firm Tradefeedr.[25] [26] [27] [28]

In 2018, he became Chairman and majority shareholder of investment firm FCFM.[29] He is an investor in Viewforth Investment Partners, a London-based hedge fund focusing on mid-cap European securities.[30]

In 2021, Spencer became cornerstone investor in a $130m venture capital fund at Element Ventures, focusing on b2b financial enterprise technology.[31] Spencer is the largest outside investor in Netwealth, a UK-based wealth management business.[32] He also holds stakes in payment platform Klarna, wealth manager AJ Bell and online investment advisor Nutmeg.[33]

Spencer is a former chairman of stockbroker Numis Securities. In 2019 he built up a 6% stake in the company.[34]

In April 2024 Spencer received a £210m windfall following the sale of his stake in Singapore Life, an online savings platform for Singaporean and Asian markets. Spencer had originally invested £54m in 2017. The firm was acquired by Japan's Sumitomo Life Insurance in a deal led by IPGL.[35] [36] [37]

He believes in a long-term role for cryptocurrencies. He opposes MiFID II and has campaigned against tax surcharges on UK bank profits.[38] [39]

Spencer is an investor in Martin Gilbert's AssetCo.[40]

Other investments

Spencer's House of Lords register of interests shows stakes held in British bookmaker The Tote, Apiary Consulting, DDCAP, Incubex, Sunsave and InsureWave.[41] [42] [43] [44] [45] [46]

Spencer is also an investor in female health startup Elvie, human longevity firm Juvenescence and Superdielectrics, a firm developing supercapacitor energy storage for electric vehicles.

Spencer owns a stake in energy resources investor Deltic Energy (formerly Cluff Natural Resources).[47] He also owns 7% of Pantheon Resources, an Aim listed oil company with extensive interests on the North Slope of Alaska.[48]

In 2011, Spencer became Chairman of Bordeaux Index, the online wine trading exchange in which he is an investor.[49] He also holds stakes in English wine maker Chapel Down. He is the owner of Sirai House, a commercial lodge in Kenya.[50]

Politics

Spencer served as Treasurer of the Conservative Party from 2006 to 2007, during which time the party's finances moved from a deficit of £8m into a surplus.[51] [52] In 2020, he became Chairman of the Centre for Policy Studies, the think tank and pressure group founded by Margaret Thatcher.[53] He is also Chairman of the Conservative Party Foundation, a company established to strengthen the financial future of the Conservative Party.[54]

Spencer is a long-standing donor to the Conservative Party, giving £250,000 during the 2024 UK General Election campaign.[55] ICAP and Spencer have previously made a reported £4.6m in donations to the party, although Spencer has been critical of the May government's business policies.[56]

In 2012 it was reported that he maintained personal contact with the then Prime Minister David Cameron.[57] Spencer was nominated for a peerage in Cameron's resignation honours list for charity fundraising and service to the Conservative Party while its treasurer, but reportedly, his nomination was blocked by the Cabinet Office.[58]

Spencer has been reported to favour positive discrimination employment policies for women but is against gender-based employment quotas since he believes that they wrongly presuppose prejudice by all male employers. He has criticised the British government's pay gap review as a distraction from Brexit.[59] Spencer was among the first to employ female brokers in the City.[8]

He voted for the UK to remain in the EU. He later said that he had long been undecided on the issue and that his Remain vote was cast without "great angelical zeal".[38] He has spoken of becoming a cheerleader for enterprise after the sale of NEX.[8]

He was nominated for a life peerage in the 2020 Political Honours and created Baron Spencer of Alresford, of Alresford in the County of Hampshire on 17 September.[60] He made his maiden speech in November 2021, a year after he entered the Lords.

Awards and recognition

Philanthropy

In 1993, Spencer founded the ICAP Charity Day, an annual event in which royalty and celebrities man the trading desks at ICAP and the broking firm donates the day's revenue to charities.[68] As of February 2017, the event has raised over £140 million and backed 2,200 charitable projects. He has said that the Charity Day is his proudest achievement in business, alongside breaking into the FTSE100 with ICAP.[8] [69] [70]

Various public individuals have manned the phones for Charity Day, including Prince William and Kate Middleton,[71] Camilla, Duchess of Cornwall,[72] Mo Farah,[73] Chris Hoy,[74] George W. Bush, Samantha Cameron,[75] Cheryl Cole,[76] Tom Hardy,[77] Halle Berry, Daniel Craig,[78] and Chris Hemsworth.[79] [80] [71]

Spencer is a founder and trustee of the Borana Conservation Trust, a charity which supports critically endangered species in Kenya's Borana and Laikipia regions. It created the Borana Conservancy, a 94,000 acre sanctuary that in 2013 reintroduced 21 black rhinos after a 50 year absence from the region. The Conservancy is supported by Save the Rhino.[81] [82]

The Spencer Family Foundation has backed a number of philanthropic initiatives, including a £1 million donation toward the British Normandy Memorial, dedicated to soldiers who died under British command during the Normandy landings. The Foundation also donated £100,000 to the Remember Me Covid memorial at St Paul's and a six-figure sum to the Mail Force campaign for PPE for hospitals, care homes and charities.[83] [84]

Personal life

In 2008, Spencer divorced his first wife Lorraine.[85] They had two sons and a daughter, and homes in Notting Hill, Suffolk and Manhattan.[85]

In June 2016, Spencer married Sarah, Marchioness of Milford Haven in London, the daughter of George Alfred Walker and Jean Maureen (née Hatton), and former wife of George Mountbatten, 4th Marquess of Milford Haven – a second cousin of King Charles III.

Spencer has homes in London, and Kenya.[86] Who's Who lists his hobbies as running, riding, shooting, wine and art; he is also reported to be an aviation enthusiast.[87] Spencer's wife runs a horse-breeding programme. She has a stud farm in Laikipia and has been a champion owner in Kenya several times. Her horse Freewheeler, a South African-bred colt, won the 2018 Kenya Derby at Ngong.[50]

He collects twentieth century and contemporary art, including the work of Pablo Picasso, Lucian Freud and Jack Vettriano.[8] Spencer is a former shareholder and an associate director of Ipswich Town Football Club.[88]

Spencer is a member of several London clubs, including White's, Beefsteak Club, 5 Hertford Street and 67 Pall Mall, as well as Muthaiga Country Club in Kenya.[89] [90]

External links

Notes and References

  1. News: Evening Standard. Michael Spencer: The City's top Tory on why Theresa May is not doing enough to defend business on Brexit. 10 March 2017. ESI Media. 25 May 2020. Jim. Armitage.
  2. News: City grandee Michael Spencer could be in line for £450m payday as Nex approached over takeover . The Telegraph . 15 March 2018 . 25 May 2020. Boland . Hannah. Telegraph Media Group.
  3. Web site: The Sunday Times Rich List 2021. 10 August 2021. www.thetimes.co.uk. en.
  4. News: Thirty-six new peers include Boris Johnson's brother, a former Tory treasurer and a union firebrand. The Telegraph. 31 July 2021. Hope. Christopher. 9 August 2021.
  5. News: Big beast of the City hooked on the buzz of the markets . The Observer. The Guardian. Richard. 25 May 2020 . Wachman . 13 May 2006.
  6. Web site: Emeritus, Honorary, Claymond and Foundation Fellows . Corpus Christi College Oxford . 25 May 2020.
  7. Web site: Winter Ceremonies celebrate honorary graduates . Loughborough University. 14 December 2012 . 25 May 2020.
  8. News: Icap founder Michael Spencer on Corbyn the economic juvenile and not wanting to end his career on a losing battle. Marlow. Ben. 2 June 2018. The Telegraph. 4 June 2018. 0307-1235.
  9. Web site: City maverick Michael Spencer: Trading? 'It's a contact sport'. 2 November 2018. Jenkins. Patrick. Financial Times. 25 May 2020.
  10. Web site: Board changes, £5.7 million equity issue, and adoption of Long Term Incentive Plan. 29 April 2003. Numis Securities. 25 May 2020.
  11. Web site: Who we are. https://web.archive.org/web/20071011232603/http://icap.com/about-the-group/history.aspx. dead. 11 October 2007. ICap. 29 March 2018.
  12. News: Michael Spencer sells most of his TP Icap shares. Dakers. Marion. 10 January 2017. The Telegraph.
  13. News: Tory treasurer Michael Spencer attacked over £45m share sale. "If someone's attempting to try to start a political debate, it's not supportable by the real facts. There's a proper procedure to follow here. The proper procedure was followed. It's ridiculous for someone to suggest that I have behaved improperly. I haven't.". 5 February 2010. The Telegraph.
  14. Web site: Ex-brokers celebrate as sixth Libor defendant walks free. 28 January 2016. Reuters. 26 May 2020. Kirstin. Ridley.
  15. News: Libor: ICAP fined $87m and three traders charged with fraud. 26 May 2020. BBC News. 25 September 2013.
  16. Web site: Turvill. William. Three former ICAP brokers have US Libor charges dropped . City AM . 7 July 2016 . 26 May 2020.
  17. News: Libor brokers 'were scapegoats' . BBC News . 28 January 2016 . 19 March 2018.
  18. Web site: Armitage. Jim. Michael Spencer: The City's top Tory on why Theresa May is not doing enough to defend business on Brexit. Evening Standard. 15 March 2018. 10 March 2017. He clearly feels angry at his traders and hard done by at Icap's punishment. "It is undoubtedly the low point of my career and the history of Icap. But I believe the firm's reputation for honesty and ethics with our clients has stood the test of time. It was a pity the conduct of three individuals caused not only financial damage but reputational damage well beyond the proportionality of their misconduct".
  19. Web site: 3 April 2018. Macaskill on markets: NEX's Michael Spencer – a title for the billion dollar broker?. Euromoney. 16 April 2018. Jon. Macaskill.
  20. News: CME plans hundreds of job cuts after £3.8bn NEX takeover. Agini. Samuel. Financial News. 25 May 2020. 19 March 2018. FN London.
  21. Web site: Armitage. Jim. 29 March 2018. Michael Spencer sells Nex to CME Group in £4 billion 'boost for City'. 1 September 2021. www.standard.co.uk. en.
  22. Web site: Spencer sells City Index to GAIN Capital. https://ghostarchive.org/archive/20221211231203/https://www.ft.com/content/09b7e6ba-60fc-11e4-b935-00144feabdc0. 11 December 2022. subscription. live. Agnew. Harriet. 31 October 2014. Financial Times. 26 May 2020. FT.com.
  23. News: Spencer backs compliance hiring start-up . https://ghostarchive.org/archive/20221211231220/https://www.ft.com/content/b4566d04-c4a3-11e7-a1d2-6786f39ef675 . 11 December 2022 . subscription . live . FT.com . 13 November 2017 . Financial Times . 26 May 2020 .
  24. News: Exotix enters strategic partnership with TLG Capital. https://web.archive.org/web/20180518060038/http://www.investmenteurope.net/other/exotix-enters-strategic-partnership-with-tlg-capital/. dead. 18 May 2018. 31 January 2013. Investment Europe. 17 May 2018. Incisive Business Media.
  25. News: City veteran Michael Spencer invests millions into fintech startup. Nicolle. Emily. 29 June 2018. 25 May 2020.
  26. News: Small-cap spotlight: Michael Spencer ups his stake in Cluff Resources. Evening Standard. 25 May 2020. Mark. Shapland. 27 April 2018.
  27. News: Michael Spencer invests in £15 million funding round for cybersecurity outfit Glasswall. 13 September 2018. Finextra. Finextra Research. 26 May 2020.
  28. Web site: Saks-Mcleod. Andrew. 21 December 2020. FX Mogul Michael Spencer Leads $3 Million Funding Round for Tradefeedr. FinanceFeed.com.
  29. News: Michael Spencer takes lead role at FCFM. Burton. Lucy. 5 August 2018. The Telegraph. 26 May 2020. 0307-1235.
  30. News: Michael Spencer invests $40m in Europe-focused hedge fund . https://ghostarchive.org/archive/20221211231236/https://www.ft.com/content/a8259be6-9cd8-11e8-9702-5946bae86e6d . 11 December 2022 . subscription . live . FT.com . 12 August 2018 . Financial Times . 26 May 2020 . Fortado . Lindsay .
  31. Web site: 2 August 2021. Michael Spencer-backed fund raises $130m for B2B fintech push. 10 August 2021. CityAM. en-GB.
  32. Web site: Hosking. Patrick. 16 July 2021. Wealth management that mixes the human factor with high-tech thrift. The Times.
  33. News: Tyler. Richard. Spencer sets out to back next big thing. . en. 16 August 2021. 0140-0460.
  34. Web site: Pooley . Cat Rutter . Stafford . Philip . September 3, 2019 . Businessman Michael Spencer builds up stake in broker Numis . 21 August 2020 . Financial Times.
  35. Web site: Former Tory treasurer toasts £210m payday from Singapore deal . Sky News . 2024-07-15.
  36. Web site: 17 September 2020. PressReader.
  37. Web site: Michael Spencer buys $52m controlling stake in life insurance startup Singapore Life . City A.M. . 2024-07-15.
  38. News: Wood. Duncan. 13 November 2017. Nex's Spencer on tech, Brexit and the UK's identity crisis. Risk.net. Infopro Digital Services. 26 May 2020.
  39. Web site: Bank Surcharge Cut To Cost Exchequer £1bn As Opponents Queue Up To Blast City - Todayuknews. 23 August 2020 . 30 October 2021. en-US.
  40. Web site: What's next for Martin Gilbert's AssetCo?. FT Adviser.
  41. Web site: Lord Spencer of Alresford . live . 23 July 2024 . House of Lords Register of Interests.
  42. News: Nimmo . Jamie . Icap tycoon Michael Spencer backs power start-up Superdielectrics . 10 August 2021 . . en . 0140-0460.
  43. News: Nimmo . Jamie . Spencer's electric windfall . 19 September 2021 . . en . 0140-0460.
  44. Web site: 13 February 2008 . Icap chief Spencer puts £1.7m on mobile gaming firm Probability . subscription . live . https://ghostarchive.org/archive/20220514/https://www.independent.co.uk/news/business/news/icap-chief-spencer-puts-163-1-7m-on-mobile-gaming-firm-probability-781577.html . 14 May 2022 . 10 August 2021 . The Independent . en.
  45. Web site: Shead . Sam . Billionaire Backs U.K. Startup Trying To Extend Human Life Spans . 6 October 2021 . Forbes . en.
  46. News: Lomas . Natasha . 22 March 2017 . Elvie pulls in $6M Series A to build a global female health tech brand . 26 May 2020 . TechCrunch . Verizon Media.
  47. Web site: Lammey. Mark. 13 February 2019. Tory donor Spencer to buy another chunk of Cluff - News for the Energy Sector. 10 August 2021. Energy Voice. en-US.
  48. Web site: TR-1: Notification of major holdings . London Stock Exchange . 2 January 2024.
  49. Web site: Kevany. Sophie. 7 December 2011. ICAP chief joins Bordeaux Index. 26 May 2020. Decanter. TI Media.
  50. Web site: Biko . Jackson . 4 May 2018 . Laidback billionaire . 26 May 2020 . Business Daily . Nation Media.
  51. News: Who is Michael Spencer?. Hope. Christopher. 1 August 2016. The Telegraph. 26 May 2020. Hughes. Laura. 0307-1235.
  52. Web site: People - Members of the Board - Michael Spencer. 20 May 2010. Conservative Party. https://web.archive.org/web/20100520014546/http://www.conservatives.com/people/members_of_the_board/spencer_michael.aspx. 20 May 2010. bot: unknown. 26 May 2020.
  53. News: Burton . Lucy . City tycoon Michael Spencer to replace ad mogul Saatchi at influential think-tank Centre for Policy Studies . The Telegraph . 8 January 2021 . 4 January 2020.
  54. Web site: Spencer sells City Index to GAIN Capital. https://web.archive.org/web/20131016013937/http://www.theconservativefoundation.co.uk/index.php?page=who&win=board&item=Michael_Spencer. dead. 16 October 2013. 9 February 2017. The Conservative Foundation.
  55. Web site: Billionaire Tory donor gives £250,000 to their election campaign . The Telegraph . 25 May 2024 . 20 July 2024.
  56. Web site: Cameron Urged To Give Back The £4.6m From Libor Donor. Bennett. Asa. 26 September 2013. HuffPost UK. 26 May 2020.
  57. News: David Cameron publishes list of all donors dining at No 10. 26 March 2012. BBC News. 26 May 2020.
  58. News: DavidCameron's recommendation of a peerage for Michael Spencer 'holding up resignation honours list'. Hope. Christopher. 22 July 2016. The Telegraph. 26 May 2020.
  59. Web site: Will. Hadfield. Brexit Britain Wasting Time on Pay Gap, Billionaire Spencer Says. 15 May 2018. Bloomberg.com. 26 May 2020.
  60. Web site: Lord Spencer of Alresford. UK Parliament . 17 September 2020 .
  61. Web site: CNBC Europe Names the Top European Business Leaders For 2007. 1 May 2007. CNBC Europe. 26 May 2020.
  62. Web site: Beacon Fellows. 9 February 2017. Beacon Collaborative. Beacon Awards. 27 February 2017. https://web.archive.org/web/20170324063436/http://beaconawards.org.uk/beacon-fellows. 24 March 2017. dead.
  63. Web site: ICAP's Michael Spencer named EY World Entrepreneur Of The Year 2010. https://web.archive.org/web/20101007203146/http://www.ey.com/UK/en/Newsroom/News-releases/EOY---10-06-06---Michael-Spencer-named-WEOY-2010. dead. 7 October 2010. 6 June 2010. Ernst & Young. EY.com.
  64. News: ICAP founder Michael Spencer wins Ernst & Young's Global Entrepreneur of the Year award. 6 June 2010. The Telegraph. Tyler. Richard. 27 May 2020.
  65. Web site: Icap makes it two . Financial Times . 7 September 2017 . https://ghostarchive.org/archive/20221211231252/https://www.ft.com/content/f9f771b0-6bf3-11e0-b36e-00144feab49a . 11 December 2022 . subscription . 27 May 2020 . live .
  66. Web site: Institutional Investor Top 50 2016. 18 July 2016. Institutional Investor. 27 May 2020. Peter. Vasiliev.
  67. Web site: ICAP CEO to get Lifetime Achievement Award. 13 October 2016. Global Investor. Julie. Aelbrecht. FOW. 27 May 2020.
  68. News: Chris. Blackhurst. Michael Spencer: Icap founder, Tory grandee and party animal looks forward to life after Tullett Prebon merger. Evening Standard. 4 December 2015. ESI Media. 27 May 2020.
  69. Web site: An overview. 9 February 2017. TPICAP Group. ICAP Charity Day. 27 May 2020.
  70. News: Editor's Notes: Anti-Brexit party can't quite get its act together. https://web.archive.org/web/20180525085457/http://www.cityam.com/286409/editors-notes-anti-brexit-party-cant-quite-get-its-act. dead. 25 May 2018. May. Christian. 25 May 2018. 4 June 2018. City AM.
  71. Web site: Schwartz. Brie. 10 December 2015. Prince William and Kate Middleton Prove That The Key To a Happy Marriage is Flirting With Your Spouse. 11 January 2022. Redbook. en-US.
  72. Web site: 6 December 2017. Duchess of Cornwall at the ICAP charity day for Medical Detection Dogs • The Crown Chronicles. 11 January 2022. The Crown Chronicles. en-GB.
  73. News: Samuel. Juliet. He should have gone to Iceland. . en. 11 January 2022. 0140-0460.
  74. Web site: Scottish Olympic legend Chris Hoy and wife open up about 'frightening' premature birth of son. 11 January 2022. www.scotsman.com. en.
  75. Web site: 7 December 2015. ICAP's global Charity Day to raise millions from donated trading commissions. 11 January 2022. UK Fundraising. en.
  76. Web site: 4 December 2013. In pictures: The Duchess of Cornwall, Cheryl Cole and Damien Lewis. https://ghostarchive.org/archive/20220514/https://www.independent.co.uk/news/business/news/in-pictures-the-duchess-of-cornwall-cheryl-cole-and-damien-lewis-attend-the-annual-icap-global-charity-day-8980933.html . 14 May 2022 . subscription . live. 11 January 2022. The Independent. en.
  77. Web site: Chamberlain. Zoe. 19 January 2017. How Tom Hardy raised £7,000 for Birmingham children's charity. 11 January 2022. BirminghamLive. en.
  78. Web site: ICAP Donates 100% of its Revenues During Charity Day to Over 200 Charities. 11 January 2022. Funds Society. en.
  79. Web site: ICAP to hold 24th annual global Charity Day on Wednesday, 7 December 2016. 11 January 2022. Treasury Management International. 5 December 2016 . en-GB.
  80. Web site: 10 December 2005. A day in the life of ... Michael Spencer. https://ghostarchive.org/archive/20220514/https://www.independent.co.uk/news/business/analysis-and-features/a-day-in-the-life-of-michael-spencer-518823.html . 14 May 2022 . subscription . live. 11 January 2022. The Independent. en.
  81. Web site: Borana Conservancy . Save The Rhino International . 15 July 2024.
  82. Web site: Decade of Excellence Award: Michael Spencer, Group CEO, Icap. 12 October 2016. Financial News. FN London. 27 May 2020. Tim. Cave.
  83. Web site: 14 May 2021. City grandee and his wife boost campaign for Covid monument with generous donation. 9 August 2021. T-Gate. en-US.
  84. Web site: 29 November 2020. How you made Britain proud: More than 40million items of vital PPE and £11.7m donated. 9 August 2021. Distinct Today. en-US.
  85. News: City tycoon Michael Spencer's £1bn break-up. 29 August 2008. Evening Standard. 27 May 2020. Jonathan. Prynn.
  86. News: Yes, I'm a bit of barrow boy, says Cameron's broker buddy. Duke. Simon. 27 November 2016. The Sunday Times. 27 May 2020. The Times. Times Newspapers.
  87. Spencer, Michael Alan. Who's Who. 10.1093/ww/9780199540884.013.U4000213. Bloomsbury Publishing. 978-0-19-954088-4. 27 May 2020.
  88. Web site: Michael Spencer profile: The £700 million dealmaker close to David Cameron. Goodway. Nick. 6 November 2015. Evening Standard. 27 May 2020.
  89. Web site: Profile: Michael Spencer of Icap. 21 November 2007. MoneyWeek. 27 May 2020. Dennis Publishing.
  90. Web site: Spencer of Alresford, Baron, (Michael Alan Spencer) (born 30 May 1955). 9 August 2021. WHO'S WHO & WHO WAS WHO. en. 10.1093/ww/9780199540884.013.U4000213. 978-0-19-954088-4.

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