ICAP exits treasury consultancy business

4th Oct 2010 15:41

Inter-dealer broker ICAP is selling Butlers, its treasury consultancy business, to Sector Treasury Services, a subsidiary of outsourcing group Capita.The consideration, payable in cash, is not expected to exceed £100,000 and will be adjusted for a transfer of net liabilities of £200,000.Customers of Butlers will have their contracts assigned to Sector Treasury Services, and most of Butlers' staff will move across to Sector on 25 October 2010, ensuring that there will be no disruption to the service that these customers receive. "After a thorough review we have decided to withdraw from providing treasury consultancy services and will concentrate on our interdealer broking businesses," said John Herbert, chief executive officer (Europe, Middle East and Africa) for Money Markets and Foreign Exchange at ICAP.