Market sources say that Hugh Gallagher, CEO of TP-Icap in Asia-Pacific and head of Icap’s Asian business, has resigned from the firm.
Gallagher has been with Icap in various forms since starting with Astley & Pearce in Sydney in 1988.
He was appointed CEO of Icap Australia in 2008 and in 2010 was named as Icap’s CEO for Asia Pacific.
In October 2016 he was named to the current role and the sources say he is not currently seeking another role in the industry.
Profit & Loss readers cast large numbers of votes this year for their preferred market makers and service providers.
Last year was the first that we changed the category description from banks to market makers to account for the larger proportion of non-banks that now comprise an important part of market making, and this is again reflected in the results. The industry’s changing dynamics are starting to show.
Voting, which spanned across time zones, was close in many categories, so we have listed the top three for each category to acknowledge the runners up.
Chief executive John Phizackerley has left his post at TP Icap with immediate effect, the company has announced.
In a statement, TP Icap chair Rupert Robson says, “The evolving landscape is driving up costs across our industry. The acquisition of Icap has given us greater scale to withstand this pressure. The potential for these combined businesses remains extremely compelling and this will be evidenced in the coming years. However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.”