TP ICAP hires Eric Sinclair to head data and information unit

TP ICAP, the world’s largest interdealer broker, has hired Eric Sinclair from Canada’s TMX exchange to run the London group’s fast-growing data and information business.

The appointment was confirmed in an internal memo to staff earlier on Wednesday. He will begin on November 13 and replace Frank Desmond, who is leaving TP ICAP after 12 years.

Mr Sinclair will head TP ICAP’s Data & Analytics unit, which the company has earmarked as a key future revenue generator. It is targeting asset managers and asset owners as they seek to source more financial data independently.

TP ICAP is the world’s largest generator of over-the-counter trade data, especially for energy and commodities markets, but it has typically sold its data to third party providers like Bloomberg and Thomson Reuters.

First half revenues for the unit, for the six months to June 30, rose 12 per cent to £57m and in January TP ICAP further beefed up the unit with the purchase of assets from Burton-Taylor International Consulting, the data compiler. That deal included Douglas Taylor, the consultancy’s founder and managing partner.

Mr Sinclair had been slated to run the combined London Stock Exchange Group – TMX data business if 2011 merger between the two bourses had gone ahead.

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