Friends and colleagues paid their respects to Richard Lacy, 51, who passed away this summer after a long illness.
Richard spent his entire career with Astley & Pearce Group, which he joined straight from school in 1966 as a foreign exchange broker in London. In the mid-1970s, Richard transferred to Asia, where he started the money broker’s offices in Singapore and Hong Kong as regional managing director.
Richard returned to London several years later and in 1978, was named director in charge of global FX activities. A year later, he was appointed to the Board of Directors.
Between 1987 and 1993, Richard played a key role in orchestrating the management buyout of the company, and was subsequently named executive chairman and later, chief executive, of Exco Plc.
Richard was diagnosed with his illness in 1984-85, but continued full-time work until April 1993, when he relinquished his position, but remained on the Board as a non-executive director.
Edward Pank, company secretary at Intercapital (which absorbed earlier this year Exco), recalls his career path, from board boy, to broker, to manager, establishing new branches in the Far East and later, becoming chairman and chief executive. “He was a very significant person,” says Mr Pank. “He played an absolutely key role in the development of the company, and indeed, the industry.”
John O’Neill, who started at Astley & Pearce with Richard in the 1960s, remembers him as an avid sportsman and a true gentleman of the markets. “Richard loved his cricket, Lords and the test matches. He was captain of his gold club and we had a partnership together, racing horses,” he says.
“He was always a professional in his approach to the business, during some of the most difficult times of change for the money broking business,” adds Mr O’Neill.
“Richard was one of the most charming people I’ve met in the market,” says Derek Tullett, president of Tullett & Tokyo, “He was a talented broker and a great manager.”
Trevor Cass, who also knew Richard from the early years, adds: “Richard was born of a different era. He was at the centre of broking as it went through its most significant changes. In the 1970s, he was at the forefront of the changes that set the stage for the Golden Era of the brokers – 1973-1985. Later, he helped bridge the gap between the communication systems under threat from the electronic systems.”
Richard is survived by his wife and three children.