Michael Alan Spencer (born 30 May 1955, Kuala Lumpur, Malaysia) is a British businessman; the chief executive of ICAP plc, the world's leading interdealer broker. He was also the owner of spread betting firm City Index until 2014.
While still a student, he made £30,000 dealing in shares, and then worked at Drexel Burnham. Fired from there for trading errors, he resolved to establish his own empire and Spencer founded Intercapital Private Group Limited in 1986.
In 1998 it was acquired by Exco plc in a reverse takeover and the enlarged business was renamed Intercapital plc. In 1999, the company merged with Garban plc to create Garban-Intercapital plc, which renamed itself ICAP plc in 2001. Spencer remains CEO.
In September 2013, he issued a public apology after ICAP was fined $87m (£54m) by U.S. Commodity Futures Trading Commission and Britain's Financial Conduct Authority, for its part in the bank interest rate fixing Libor Scandal. The Conservative Party resisted calls to return £4.6m donations from ICAP and Michael Spencer during the period of the Libor Scandal (2006-2010) when he was also Treasurer of the Party.
Michael Spencer was named the Ernst & Young World Entrepreneur Of The Year 2010 at an awards ceremony held on Saturday 5 June, in Monte Carlo's Salle des Etoiles. Spencer was picked from among the more than 50 country finalists vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. The 2010 awards ceremony marks the tenth consecutive year the Ernst & Young World Entrepreneur Of The Year has been held.
Served as Treasurer of the Conservative from 2006 to 2010. In February 2010 he was attacked after it emerged he made £45m from the sale of ICAP shares just weeks before the company issued a profit warning resulting in a price drop of 19.5%. With demands for his resignation as Party Treasurer, Spencer announced he would stand down as treasurer and member of the board of the Conservative Party in October 2010.
On 26 March 2012, Spencer was named as a donor to the Conservative Party who has had a private dinner with the Prime Minister David Cameron. Peter Cruddas, the then Tory co-treasurer was filmed boasting that large donations to the party could secure access to the prime minister. Spencer along with business partner David Rowland were revealed to have donated more than £2m to the party in 2010.
Spencer is an art collector with a twentieth century and contemporary collection, including the work of Lucian Freud and Scottish artist Jack Vettriano. He is a shareholder and an associate director of Ipswich Town Football Club, but has little interest in football.
- Numis Corporation Board Changes
- ICAP History
- 2007 Beacon Prize Winners, Beacon Fellowship. Retrieved 3 February 2012.
- BBC, "ICAP Fined $87m" Libor Scandal,Michael Spencer apology
- "David Cameron Urged To Return Donations From ICAP CEO Michael Spencer After Libor Fines"
- , "Tory treasurer Michael Spencer attacked over £45m share sale" Telegraph, 05/02/2010
- David Cameron publishes list of all donors dining at No 10 - BBC news - 26 March 2012