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World’s largest interdealer broker TP Icap grabs rival Coex Partners

Brokerage giant TP Icap, which was formed just last year in ..

Brokerage giant TP Icap, which was formed just last year in a £1.28bn deal, has hoovered up smaller Marylebone-based rival Coex Partners.

TP Icap has paid an initial £7.1m for the firm, although this could rise over the next two years if performance conditions are met.

In the first set of results since Tullett Prebon bought out the voice-broking branch of Icap last December, TP Icap had said it was still on the lookout for acquisitions – although it also slashed 175 jobs as the two firms integrated.

Read more: Tullett Prebon just completed the buyout of Nex's voice broking business

It has already completed its first deal under the TP Icap banner, scooping up Burton-Taylor International in January. More mergers and acquisitions in the sector is expected, as up-coming regulation such as the second Markets in Financial Instruments Directive (Mifid II) squeezes brokers.

Read more: Exchanges and brokers put under pressure as Mifid II incentivises investment banks to get in the game

The 55 broker-strong Coex, which provides trade advisory and execution services in listed derivatives and over-the-counter foreign exchange, generated £11m of revenues in the first half of this year.

It has offices in Paris and New York and is just three years old, although it has partnered with its new owner since last year.

“The acquisition of Coex is consistent with our strategic aim of building a global institutional services franchise that serves a varied and growing client base,” said Sam Ruiz, the head of TP Icap's institutional services division.

“This deal underlines the momentum within our business as we continue to expand our specialist execution expertise, our product range and client coverage.”

Read more:Mifid II set to slash analyst jobs and shake up the economics of broker research, according to a new report

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