An activist hedge fund that last year called on TP Icap to sell itself has built a stake in Britain’s oldest spread-betting company.
The move by the California-based Phase 2 Partners to amass a holding in IG Group comes at an uncertain time for the FTSE 250 company, which is seeking a new boss after June Felix stood down in the summer after five years in charge.
Felix, 66, had sought to diversify the business by significantly expanding its presence in the vast American options and futures market through its $1 billion acquisition of Tastytrade, a Chicago-based derivatives platform, two years ago. Its pre-tax profits have surged under Felix, climbing to £449.9 million in the 12 months to the end of May this year, up
© Times Media Limited 2023.
Registered in England No. 894646. Registered office: 1 London Bridge Street, SE1 9GF.