Icap COO to quit amid Tullett Prebon deal

Tullett Prebon's chief has assured the takeover of Icap's voice brokering unit will go ahead this year.

Icap’s global chief operating officer Ken Pigaga has refused to take on the same role once its voice brokering business becomes part of Tullett Prebon. 

According to a release from Tullett Prebon, Pigaga will not take up the position of COO of TP Icap, and an announcement regarding the role “will be made in due course”. 

“We have an excellent management team in place for TP ICAP, drawn from the ranks of both companies, which will bring a wealth of diverse experience, technical depth and outstanding

leadership qualities to the new group,” said John Phizackerley, Tullett Prebon chief executive, in a statement.

Tullett Prebon also stated that it remains “confident that the transaction is on track to close in 2016”. 

Icap agreed to sell its voice brokering business, which includes over 1,500 brokers, last November in an all-share deal of $1.1 billion.