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UK Sparks: TP ICAP Pays £15.4m To Settle FCA Probe

Edison

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TP ICAP has agreed to pay £15.4m to settle a Financial Conduct Authority investigation into trades by its subsidiary company Tullett Prebon (Europe) between 2008-2011. The FCA found that certain former managers in TP ICAP’s global broking division and compliance department failed to act with due skill, care and diligence. It also ruled that inadequate systems and controls were in place to deal with the risk of improper broker conduct.

The investigation also related to the circumstances surrounding a failure by Tullett Prebon in 2011 to discover certain audio files and produce them to the FCA in a timely manner. The settlement will be reported as an exceptional item in TP ICAP’s full-year results. TP ICAP chief executive Nicolas Breteau says the company is “pleased to put this historical matter behind us,” adding that none of the individuals involved in the relevant broking activities remain with the company.

Hedge funds manager Man Group has announced plans for a further share buyback of $100m, bringing the total repurchased since 2014 to $700m. The company says in a trading statement that it saw net outflows of $1.1bn and investment gains of $700m in the three months to the end of September. Funds under management fell to $113bn from $114bn at the end of the previous quarter. Foreign exchange movements cost the company $1.3bn in the quarter but its assets are up by 4% in its financial year so far. Chief executive Luke Ellis says the group enjoyed strong absolute performance and inflows into its quantitative alternative strategies but saw outflows from its long-only equity strategies.

Jupiter Fund Management says in a trading update that it suffered net outflows of £1.3bn in the three months to September 30. The group had assets under management of £45.1bn at the end of this period, a decrease of £800m in the quarter.

Finally, investment company HICL Infrastructure has announced that its Diamond Transmission Partners consortium with a subsidiary of Mitsubishi has acquired transmission assets associated with the Race Bank wind farm off the coast of Norfolk. HICL, which has invested £24m, says the purchase fits well with its strategy of investing in essential and public core infrastructure with a strong social purpose. Race Bank facilitates the transmission of renewable energy to more than 500,000 UK homes.

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