The Right Honourable
The Lord Spencer of Alresford
Spencer in 2021
Member of the House of Lords
Lord Temporal
Assumed office
12 November 2020
Life Peerage
Personal details
Born (1955-05-30) 30 May 1955
Kuala Lumpur, British Malaya
NationalityBritish
Political partyConservative
Spouse(s)Lorraine Spencer (divorced 2008)
Sarah, Marchioness of Milford Haven
​
​
(m. 2016)​
Children3
OccupationFinancial broker, investor
Known forICAP, ICAP Charity Day, political fundraising

Michael Alan Spencer, Baron Spencer of Alresford (born 30 May 1955), sometimes known as "Spens",[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, after which he considered becoming an astrophysicist.[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).[11][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.[5]

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 2017, Spencer invested £54m in Singapore Life, an online savings platform for Singaporean and Asian markets. In 2020 his investment was reported to have doubled in value, upon the sale of Aviva's majority stake in the platform.[35]

He believes in a long-term role for cryptocurrencies. He opposes MiFID II and has campaigned against tax surcharges on UK bank profits.[36][37]

Spencer is an investor in Martin Gilbert's AssetCo.[38]

Other investments

Spencer owns a stake in Cluff Natural Resources, an energy resources investor.[39] He also owns 6% of Pantheon Resources, an Aim listed oil company with extensive interests on the North Slope of Alaska.[40]

In 2011, Spencer was made Chairman of Bordeaux Index, the online wine trading exchange in which he is an investor.[41] He also holds a stake in English wine maker Chapel Down.[42]

He is the owner of Sirai House, a commercial lodge in Kenya.[43] He is reportedly an investor in British bookmaker The Tote.[44]

Spencer is also an investor in various start-ups, including female health startup Elvie, human longevity firm Juvenescence and mobile gaming firm Probability.[45][46][47] In 2020 Spencer led a funding round for Superdielectrics, a firm developing technology to build supercapacitor energy storage for electric vehicles.[48][49]

Politics

Spencer served as Treasurer of the Conservative Party from 2006 to 2010, during which time the party's finances moved from a deficit of £8m into a surplus of £75m.[50][51] In 2020, he became Chairman of the Centre for Policy Studies, the think tank and pressure group founded by Margaret Thatcher.[52] He is also Chairman of the Conservative Party Foundation, a company established to strengthen the financial future of the Conservative Party.[53]

Spencer has been a donor to the Conservative Party. In 2012 it was reported that he maintained personal contact with the then Prime Minister David Cameron.[54] ICAP and Spencer have made £4.6m in donations to the party although Spencer was critical of the May government's business policies; he has not donated to the party since the 2017 UK general election.[55] 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.[56]

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.[57] 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".[1][36] 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.[58] 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.[66] 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][67][68]

Various public individuals have manned the phones for Charity Day, including Prince William and Kate Middleton,[69] Camilla, Duchess of Cornwall,[70] Mo Farah,[71] Chris Hoy,[72] George W. Bush, Samantha Cameron,[73] Cheryl Cole,[74] Tom Hardy,[75] Halle Berry, Daniel Craig,[76] and Chris Hemsworth.[77][78][69]

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.[79]

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.[80][81]

Personal life

In 2008, Spencer divorced his first wife Lorraine.[82] They had two sons and a daughter, and homes in Notting Hill, Suffolk and Manhattan.[82]

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 Chelsea, London, and Kenya.[83] Who's Who lists his hobbies as running, riding, shooting, wine and art; he is also reported to be an aviation enthusiast.[18][84] Spencer runs a horse-breeding programme and plans to build a stable in Laikipia. His horse Freewheeler, a South African-bred colt, won the 2018 Kenya Derby at Ngong.[43]

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.[85] He is a Christian and churchgoer.[43]

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.[86][87]

References

  1. 1 2 Armitage, Jim (10 March 2017). "Michael Spencer: The City's top Tory on why Theresa May is not doing enough to defend business on Brexit". Evening Standard. ESI Media. Retrieved 25 May 2020.
  2. ↑ Boland, Hannah (15 March 2018). "City grandee Michael Spencer could be in line for £450m payday as Nex approached over takeover". The Telegraph. Telegraph Media Group. Retrieved 25 May 2020. (subscription required)
  3. ↑ "The Sunday Times Rich List 2021". www.thetimes.co.uk. Retrieved 10 August 2021.
  4. ↑ Hope, Christopher (31 July 2021). "Thirty-six new peers include Boris Johnson's brother, a former Tory treasurer and a union firebrand". The Telegraph. Retrieved 9 August 2021.
  5. 1 2 3 Wachman, Richard (13 May 2006). "Big beast of the City hooked on the buzz of the markets". The Observer. Retrieved 25 May 2020 – via The Guardian.
  6. ↑ "Emeritus, Honorary, Claymond and Foundation Fellows". Corpus Christi College Oxford. Retrieved 25 May 2020.
  7. ↑ "Winter Ceremonies celebrate honorary graduates". Loughborough University. 14 December 2012. Retrieved 25 May 2020.
  8. 1 2 3 4 5 6 7 Marlow, Ben (2 June 2018). "Icap founder Michael Spencer on Corbyn the economic juvenile and not wanting to end his career on a losing battle". The Telegraph. ISSN 0307-1235. Retrieved 4 June 2018. (subscription required)
  9. 1 2 3 Jenkins, Patrick (2 November 2018). "City maverick Michael Spencer: Trading? 'It's a contact sport'". Financial Times. Retrieved 25 May 2020.
  10. ↑ "Board changes, £5.7 million equity issue, and adoption of Long Term Incentive Plan" (PDF). Numis Securities. 29 April 2003. Retrieved 25 May 2020.
  11. 1 2 "Who we are". ICap. Archived from the original on 11 October 2007. Retrieved 29 March 2018.
  12. ↑ Dakers, Marion (10 January 2017). "Michael Spencer sells most of his TP Icap shares". The Telegraph. (subscription required)
  13. ↑ "Tory treasurer Michael Spencer attacked over £45m share sale". The Telegraph. 5 February 2010. 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. (subscription required)
  14. ↑ Ridley, Kirstin (28 January 2016). "Ex-brokers celebrate as sixth Libor defendant walks free". Reuters. Retrieved 26 May 2020.
  15. ↑ "Libor: ICAP fined $87m and three traders charged with fraud". BBC News. 25 September 2013. Retrieved 26 May 2020.
  16. ↑ Turvill, William (7 July 2016). "Three former ICAP brokers have US Libor charges dropped". City AM. Retrieved 26 May 2020.
  17. ↑ "Libor brokers 'were scapegoats'". BBC News. 28 January 2016. Retrieved 19 March 2018.
  18. 1 2 Armitage, Jim (10 March 2017). "Michael Spencer: The City's top Tory on why Theresa May is not doing enough to defend business on Brexit". Evening Standard. Retrieved 15 March 2018. 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. ↑ Macaskill, Jon (3 April 2018). "Macaskill on markets: NEX's Michael Spencer – a title for the billion dollar broker?". Euromoney. Retrieved 16 April 2018.
  20. ↑ Agini, Samuel (19 March 2018). "CME plans hundreds of job cuts after £3.8bn NEX takeover". FN London. Financial News. Retrieved 25 May 2020. (registration required)
  21. ↑ Armitage, Jim (29 March 2018). "Michael Spencer sells Nex to CME Group in £4 billion 'boost for City'". www.standard.co.uk. Retrieved 1 September 2021.
  22. ↑ Agnew, Harriet (31 October 2014). "Spencer sells City Index to GAIN Capital". FT.com. Financial Times. Archived from the original on 11 December 2022. Retrieved 26 May 2020.(subscription required)
  23. ↑ "Spencer backs compliance hiring start-up". FT.com. Financial Times. 13 November 2017. Archived from the original on 11 December 2022. Retrieved 26 May 2020.(subscription required)
  24. ↑ "Exotix enters strategic partnership with TLG Capital". Investment Europe. Incisive Business Media. 31 January 2013. Archived from the original on 18 May 2018. Retrieved 17 May 2018.
  25. ↑ Nicolle, Emily (29 June 2018). "City veteran Michael Spencer invests millions into fintech startup". Retrieved 25 May 2020.
  26. ↑ Shapland, Mark (27 April 2018). "Small-cap spotlight: Michael Spencer ups his stake in Cluff Resources". Evening Standard. Retrieved 25 May 2020.
  27. ↑ "Michael Spencer invests in £15 million funding round for cybersecurity outfit Glasswall". Finextra. Finextra Research. 13 September 2018. Retrieved 26 May 2020.
  28. ↑ Saks-Mcleod, Andrew (21 December 2020). "FX Mogul Michael Spencer Leads $3 Million Funding Round for Tradefeedr". FinanceFeed.com.
  29. ↑ Burton, Lucy (5 August 2018). "Michael Spencer takes lead role at FCFM". The Telegraph. ISSN 0307-1235. Retrieved 26 May 2020. (subscription required)
  30. ↑ Fortado, Lindsay (12 August 2018). "Michael Spencer invests $40m in Europe-focused hedge fund". FT.com. Financial Times. Archived from the original on 11 December 2022. Retrieved 26 May 2020.(subscription required)
  31. ↑ "Michael Spencer-backed fund raises $130m for B2B fintech push". CityAM. 2 August 2021. Retrieved 10 August 2021.
  32. ↑ Hosking, Patrick (16 July 2021). "Wealth management that mixes the human factor with high-tech thrift". The Times.
  33. ↑ Tyler, Richard. "Spencer sets out to back next big thing". The Times. ISSN 0140-0460. Retrieved 16 August 2021.
  34. ↑ Pooley, Cat Rutter; Stafford, Philip (3 September 2019). "Businessman Michael Spencer builds up stake in broker Numis". Financial Times. Retrieved 21 August 2020.
  35. ↑ https://www.pressreader.com/uk/evening-standard-west-end-final/20200915/282106344059900. Retrieved 17 September 2020 – via PressReader. {{cite web}}: Missing or empty |title= (help)
  36. 1 2 Wood, Duncan (13 November 2017). "Nex's Spencer on tech, Brexit and the UK's identity crisis". Risk.net. Infopro Digital Services. Retrieved 26 May 2020.
  37. ↑ "Bank Surcharge Cut To Cost Exchequer £1bn As Opponents Queue Up To Blast City - Todayuknews". 23 August 2020. Retrieved 30 October 2021.
  38. ↑ "What's next for Martin Gilbert's AssetCo?". FT Adviser.
  39. ↑ Lammey, Mark (13 February 2019). "Tory donor Spencer to buy another chunk of Cluff - News for the Energy Sector". Energy Voice. Retrieved 10 August 2021.
  40. ↑ "TR-1: Notification of major holdings". London Stock Exchange. Retrieved 2 January 2024.
  41. ↑ Kevany, Sophie (7 December 2011). "ICAP chief joins Bordeaux Index". Decanter. TI Media. Retrieved 26 May 2020.
  42. ↑ "Wray, Nigel William, (born 9 April 1948), non-executive Director: Prestbury Investment Holdings, since 2003; Chapel Down Group (formerly English Wines Group), since 2004", Who's Who, Oxford University Press, 1 December 2007, doi:10.1093/ww/9780199540884.013.40759
  43. 1 2 3 Biko, Jackson (4 May 2018). "Laidback billionaire". Business Daily. Nation Media. Retrieved 26 May 2020.
  44. ↑ "Billionaire Michael Spencer buys stake in The Tote". CityAM. 7 October 2019. Retrieved 13 November 2021.
  45. ↑ "Icap chief Spencer puts £1.7m on mobile gaming firm Probability". The Independent. 13 February 2008. Archived from the original on 14 May 2022. Retrieved 10 August 2021.
  46. ↑ Shead, Sam. "Billionaire Backs U.K. Startup Trying To Extend Human Life Spans". Forbes. Retrieved 6 October 2021.
  47. ↑ Lomas, Natasha (22 March 2017). "Elvie pulls in $6M Series A to build a global female health tech brand". TechCrunch. Verizon Media. Retrieved 26 May 2020.
  48. ↑ Nimmo, Jamie. "Icap tycoon Michael Spencer backs power start-up Superdielectrics". The Times. ISSN 0140-0460. Retrieved 10 August 2021.
  49. ↑ Nimmo, Jamie. "Spencer's electric windfall". The Times. ISSN 0140-0460. Retrieved 19 September 2021.
  50. ↑ Hope, Christopher; Hughes, Laura (1 August 2016). "Who is Michael Spencer?". The Telegraph. ISSN 0307-1235. Retrieved 26 May 2020. (subscription required)
  51. ↑ "People - Members of the Board - Michael Spencer". Conservative Party. 20 May 2010. Archived from the original on 20 May 2010. Retrieved 26 May 2020.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  52. ↑ Burton, Lucy (4 January 2020). "City tycoon Michael Spencer to replace ad mogul Saatchi at influential think-tank Centre for Policy Studies". The Telegraph. Retrieved 8 January 2021.
  53. ↑ "Spencer sells City Index to GAIN Capital". The Conservative Foundation. 9 February 2017. Archived from the original on 16 October 2013.
  54. ↑ "David Cameron publishes list of all donors dining at No 10". BBC News. 26 March 2012. Retrieved 26 May 2020.
  55. ↑ Bennett, Asa (26 September 2013). "Cameron Urged To Give Back The £4.6m From Libor Donor". HuffPost UK. Retrieved 26 May 2020.
  56. ↑ Hope, Christopher (22 July 2016). "David Cameron's recommendation of a peerage for Michael Spencer 'holding up resignation honours list'". The Telegraph. Retrieved 26 May 2020. (subscription required)
  57. ↑ Hadfield, Will (15 May 2018). "Brexit Britain Wasting Time on Pay Gap, Billionaire Spencer Says". Bloomberg.com. Retrieved 26 May 2020.
  58. ↑ "Lord Spencer of Alresford". UK Parliament. Retrieved 17 September 2020.
  59. ↑ "CNBC Europe Names the Top European Business Leaders For 2007". CNBC Europe. 1 May 2007. Retrieved 26 May 2020.
  60. ↑ "Beacon Fellows". Beacon Awards. Beacon Collaborative. 9 February 2017. Archived from the original on 24 March 2017. Retrieved 27 February 2017.
  61. ↑ "ICAP's Michael Spencer named EY World Entrepreneur Of The Year 2010". EY.com. Ernst & Young. 6 June 2010. Archived from the original on 7 October 2010.
  62. ↑ Tyler, Richard (6 June 2010). "ICAP founder Michael Spencer wins Ernst & Young's Global Entrepreneur of the Year award". The Telegraph. Retrieved 27 May 2020.
  63. ↑ "Icap makes it two". Financial Times. 7 September 2017. Archived from the original on 11 December 2022. Retrieved 27 May 2020.
  64. ↑ Vasiliev, Peter (18 July 2016). "Institutional Investor Top 50 2016". Institutional Investor. Retrieved 27 May 2020.
  65. ↑ Aelbrecht, Julie (13 October 2016). "ICAP CEO to get Lifetime Achievement Award". FOW. Global Investor. Retrieved 27 May 2020. (subscription required)
  66. ↑ Blackhurst, Chris (4 December 2015). "Michael Spencer: Icap founder, Tory grandee and party animal looks forward to life after Tullett Prebon merger". Evening Standard. ESI Media. Retrieved 27 May 2020.
  67. ↑ "An overview". ICAP Charity Day. TPICAP Group. 9 February 2017. Retrieved 27 May 2020.
  68. ↑ May, Christian (25 May 2018). "Editor's Notes: Anti-Brexit party can't quite get its act together". City AM. Archived from the original on 25 May 2018. Retrieved 4 June 2018.
  69. 1 2 Schwartz, Brie (10 December 2015). "Prince William and Kate Middleton Prove That The Key To a Happy Marriage is Flirting With Your Spouse". Redbook. Retrieved 11 January 2022.
  70. ↑ "Duchess of Cornwall at the ICAP charity day for Medical Detection Dogs • The Crown Chronicles". The Crown Chronicles. 6 December 2017. Retrieved 11 January 2022.
  71. ↑ Samuel, Juliet. "He should have gone to Iceland". The Times. ISSN 0140-0460. Retrieved 11 January 2022.
  72. ↑ "Scottish Olympic legend Chris Hoy and wife open up about 'frightening' premature birth of son". www.scotsman.com. Retrieved 11 January 2022.
  73. ↑ "ICAP's global Charity Day to raise millions from donated trading commissions". UK Fundraising. 7 December 2015. Retrieved 11 January 2022.
  74. ↑ "In pictures: The Duchess of Cornwall, Cheryl Cole and Damien Lewis". The Independent. 4 December 2013. Archived from the original on 14 May 2022. Retrieved 11 January 2022.
  75. ↑ Chamberlain, Zoe (19 January 2017). "How Tom Hardy raised £7,000 for Birmingham children's charity". BirminghamLive. Retrieved 11 January 2022.
  76. ↑ "ICAP Donates 100% of its Revenues During Charity Day to Over 200 Charities". Funds Society. Retrieved 11 January 2022.
  77. ↑ "ICAP to hold 24th annual global Charity Day on Wednesday, 7 December 2016". Treasury Management International. 5 December 2016. Retrieved 11 January 2022.
  78. ↑ "A day in the life of ... Michael Spencer". The Independent. 10 December 2005. Archived from the original on 14 May 2022. Retrieved 11 January 2022.
  79. ↑ Cave, Tim (12 October 2016). "Decade of Excellence Award: Michael Spencer, Group CEO, Icap". FN London. Financial News. Retrieved 27 May 2020.
  80. ↑ "City grandee and his wife boost campaign for Covid monument with generous donation". T-Gate. 14 May 2021. Retrieved 9 August 2021.
  81. ↑ "How you made Britain proud: More than 40million items of vital PPE and £11.7m donated". Distinct Today. 29 November 2020. Retrieved 9 August 2021.
  82. 1 2 Prynn, Jonathan (29 August 2008). "City tycoon Michael Spencer's £1bn break-up". Evening Standard. Retrieved 27 May 2020.
  83. ↑ Duke, Simon (27 November 2016). "Yes, I'm a bit of barrow boy, says Cameron's broker buddy". The Sunday Times. Times Newspapers. Retrieved 27 May 2020 – via The Times. (subscription required)
  84. ↑ "Spencer, Michael Alan". Who's Who. Bloomsbury Publishing. doi:10.1093/ww/9780199540884.013.U4000213. ISBN 978-0-19-954088-4. Retrieved 27 May 2020.
  85. ↑ Goodway, Nick (6 November 2015). "Michael Spencer profile: The £700 million dealmaker close to David Cameron". Evening Standard. Retrieved 27 May 2020.
  86. ↑ "Profile: Michael Spencer of Icap". MoneyWeek. Dennis Publishing. 21 November 2007. Retrieved 27 May 2020.
  87. ↑ "Spencer of Alresford, Baron, (Michael Alan Spencer) (born 30 May 1955)". WHO'S WHO & WHO WAS WHO. doi:10.1093/ww/9780199540884.013.U4000213. ISBN 978-0-19-954088-4. Retrieved 9 August 2021.
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