Inter-dealer broker ICAP has issued an announcement highlighting that the company’s Chief Operating Officer Ken Pigaga will not be remaining with the firm after the merger with Tullett Prebon is completed.
The company will be shortly making an announcement about the new person to head operations at the conclusion of the mega-deal. According to the estimates made by the company, the merger agreement is still expected to conclude before the end of 2016.
Ken Pigaga has been working at ICAP since 2006, when he joined as COO of ICAP Americas. He was then promoted to the group’s COO in November 2013. He led the development of the company’s US-based swap execution facility (SEF) as well as implementing a program on the use of technology to implement efficiency and control.
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Before joining the inter-dealer brokerage, he worked as a managing director at JPMorgan. Between 1991 to 2001 he held several roles at Goldman Sachs which were focused on emerging markets trading, portfolio structuring and e-commerce.
Last November ICAP agreed to the sale of its global broking business to Tullett Prebon. The deal was worth an estimated £1.1 billion in shares. With over 1,500 phone brokers switching sides in the mega-deal, the companies have recently received regulatory approval for its conclusion.
The last hurdle for the agreement was ICAP’s oil trading desk, which had to be sold off in order to gain the blessing from the UK Competition and Markets Authority. Tullett Prebon has agreed to a sale of the oil trading desk to avoid having a dominant market position in the voice broking business in oil trading.
According to a statement by ICAP’s CEO John Phizackerley, the management team for the new combined Tullet Prebon ICAP unit will come from the ranks of both firms.