Early Life and Education
Michael Spencer was born in Kuala Lumpur, then part of British Malaya, on May 30, 1955. His father worked as an economist and civil servant, while his mother was a linguist. Due to his father's work, Spencer spent his early childhood in various countries, including Sudan and Ethiopia. At the age of eight, he was sent to England to attend Worth School in Sussex. He later studied physics at Corpus Christi College, Oxford.
Rise to Success
Spencer's career in finance began in 1976 at the London brokerage firm Simon & Coates. He later joined Drexel Burnham Lambert in 1981, rising to Vice President before being let go due to trading errors. From 1983 to 1986, he was a director at Charles Fulton. In 1986, he co-founded Intercapital Brokers, which later became ICAP. ICAP revolutionized the trading world by introducing electronic platforms. Through mergers and acquisitions, ICAP became the largest inter-dealer broker globally. In 2016, ICAP sold its voice broking business, and the remaining operations were rebranded as NEX Group. CME Group acquired NEX Group in 2018.
Key Business Strategies
Spencer's success is attributed to his early adoption of electronic trading platforms, differentiating his firm from competitors. He focused on innovation and calculated risks, including challenging and reinventing his businesses. He demonstrated a willingness to adapt to market changes.
Philanthropy
Michael Spencer has made significant contributions to philanthropy, including founding the ICAP Charity Day in 1993. This annual event has raised over £170 million for various charities. He also founded the Borana Conservation Trust to support endangered species in Kenya. Spencer is involved in the Conservative Party and has donated to the party.