Latest news with #IPGL
Mint
5 days ago
- Business
- Mint
Billionaire Spencer Hires Schroders Veteran to Manage His Wealth
(Bloomberg) -- UK billionaire Michael Spencer has hired a Schroders Plc veteran to lead his family office, expanding the investing capabilities of the firm managing one of Britain's biggest fortunes. Simon Brazier, 50, who previously worked at Schroders for more than a decade, becomes chief executive officer from Aug. 18 of the Nex Group founder's personal investment firm, known as IPGL, according to a statement. The British native, a longtime fund manager, replaces Seth Johnson, a 57 year-old former Nex executive who stepped into the CEO role at IPGL after a predecessor departed within six months of joining in 2023 due to personal reasons. Brazier, Johnson and Spencer will initially work together in a transition period at IPGL, which disclosed net assets of £995.2 million ($1.4 billion) in its latest annual accounts and has stakes in companies including wine-maker Chapel Down Group Plc and cybersecurity firm Glasswall. Why Billionaires Have Family Offices and What They Do: QuickTake The leadership shakeup shows how Spencer is hiring outside the finance empire he built over the past four decades to take charge of a firm that ranks among London's biggest family offices, controlling stakes in more than a dozen companies worldwide. IPGL's leaders have often worked before with Spencer, who made his fortune through ICAP Plc — NEX's predecessor company — and turned it into the world's biggest broker of deals between banks. Brazier is 'a natural leader with deep investment insight, sound judgement, and a strong ethical compass,' Spencer, 70, said. 'He brings a long-term view and a proven ability to lead teams and generate value.' The family office's finance chief, Karina Curtis, previously worked at ICAP, where former CEO Samantha Wren similarly spent almost a decade of her career in senior roles. Piers Davison, a former JPMorgan Chase & Co. and Citigroup Inc. banker who advised on some of Spencer's biggest transactions in the past, also became a non-executive director of IPGL in late 2024. Outgoing CEO Johnson has worked with the UK billionaire for more than three decades. Spencer, a former Conservative Party treasurer, sold Nex to CME Group Inc. in 2018 in a deal that valued the UK firm at £3.9 billion. Brazier, a University of Durham Economics and French graduate, started working at Schroders in the late 1990s and later helped lead the firm's UK equity funds, according to his LinkedIn profile. He moved to Threadneedle Investments in 2009, where he served as head of UK equities and oversaw a roughly £2 billion fund before Investec Plc's asset-management arm at the time recruited him for a similar role about a decade ago, his most recent money-management position. --With assistance from Andrea Felsted. More stories like this are available on
Bloomberg
5 days ago
- Business
- Bloomberg
Billionaire Spencer Hires Schroders Veteran to Manage His Wealth
UK billionaire Michael Spencer has hired a Schroders Plc veteran to lead his family office, expanding the investing capabilities of the firm managing one of Britain's biggest fortunes. Simon Brazier, 50, who previously worked at Schroders for more than a decade, becomes chief executive officer from Aug. 18 of the Nex Group founder's personal investment firm, known as IPGL, according to a statement.
India.com
20-06-2025
- Business
- India.com
Israel-Iran war: As tensions escalates between Iran and Israel, India on HIGH risk of losing nearly Rs 47710000000 in Iran due to…, faces challenges from China and US over…
The fight between Israel and Iran is getting more dangerous. Both countries are attacking each other with missiles. According to reports from Israeli media, Iran has now targeted Israel's stock exchange and some hospitals. More than 25 missiles have been launched by Iran, and now it is expected that Israel will strike back soon. Because of this growing conflict, India could be at risk of losing around 550 million dollars (about Rs. 4,771 crore) that it has invested in Iran. Most of this investment is focused on the Chabahar Port, which is very important for India. This port is managed by India through a company called India Ports Global Limited (IPGL) which helps India reach Afghanistan and Central Asia without going through Pakistan. But now, with the tension rising between Iran and Israel, there are worries that the port project might get affected. The situation is getting more complicated due to increasing involvement from the US and ongoing western sanctions, which are making it harder to continue work on the port and its connected railway project. 10-year agreement As of May 2024, India has signed a 10-year contract to manage the Shahid Beheshti Terminal at Chabahar Port in Iran. This terminal is run by India Ports Global Limited (IPGL) in partnership with Iran's Arya Banader company. Earlier, in 2017, private Indian companies like the Adani Group and Essar had also shown interest in operating this port. India's investment in Chabahar Port The Chabahar Port gives India a shorter and alternative trade route to Iran, Afghanistan, Central Asia, and even Europe. India has already invested over USD 200 million in the development of the port. In addition, the country has announced Rs. 700 crore for developing one of the port's terminals. Other investments include: USD 85 million for upgrading the port's berths, A USD 150 million line of credit from EXIM Bank, and Another USD 400 million line of credit to support steel imports for the Chabahar-Zahedan railway line. Shahid Beheshti Terminal is the second-largest port in Iran, and it holds significant importance for India's regional trade strategy. Railway connectivity work India and Iran had signed a deal worth USD 1.6 billion to build the Chabahar-Zahedan railway line. The project was given to Indian government company IRCON International. But in 2020, Iran partly stepped back from the plan because of delays in funding. Still, there is a goal to connect Chabahar Port to Iran's railway network by 2026. Trying to build a new trade network India and Iran have been in regular touch to keep things moving forward. In January 2025, during the 19th round of talks between the two countries, top officials and national security advisors discussed how to improve cooperation on the Chabahar Port and the International North-South Transport Corridor (INSTC). This corridor is a major trade route project that aims to create a network linking India, Iran, Russia, Central Asia, and Europe using roads, railways, and sea routes. Challenges faced from the US and China China is also interested in developing the Chabahar Port and it wants to connect it to Pakistan's Gwadar Port as part of its Belt and Road Initiative (BRI). On the other hand, the United States has raised concerns about India's involvement in Chabahar. The U.S. has reminded countries that strict sanctions are still in place on Iran and warned that anyone doing business with Iran might face penalties. Now, with the ongoing conflict between Israel and Iran and the possibility of the U.S. getting more involved, there is fear that operations at Chabahar could be affected. This may create problems for shipping, insurance, and the trade route planned under the International North-South Transport Corridor (INSTC). Also, the western sanctions have already been causing delays and difficulties for both the port development and the railway project connected to it.
Time of India
19-06-2025
- Business
- Time of India
India keeps tabs on INSTC, Chabahar Port as Israel-Iran conflict rages
Amidst the escalating tensions between Israel and Iran, India is closely monitoring the potential impact on the Chabahar Port and the International North-South Transport Corridor (INSTC), crucial connectivity projects for accessing Afghanistan, Central Asia, and Russia. Tired of too many ads? Remove Ads New Delhi: India is keeping a close watch for any impact on the Chabahar Port and International North-South Transport Corridor (INSTC) amid escalating conflict between Israel and Iran India sees the two connectivity projects in Iran as its gateways to Afghanistan, Central Asia and Russia. The country has also invested heavily in the port has so far not targeted any port in Iran but there are reports of some hits along the Iranian year, India entered into a 10-year deal with Iran for management of the Chabahar Port by an Indian entity, India Ports Global Ltd . IPGL, which is a joint venture between Jawaharlal Nehru Port Trust and Kandla Port Trust, oversees Chabahar Port operations in partnership with Iran's Aria Banader. India's support for the Chabahar includes a $85 million investment for berth upgrades and a $150 million Exim Bank line of the Taliban regime in Afghanistan is focussing on Chabahar and exploring to join INSTC as it seeks to reduce dependence on Pakistani ports. Some Central Asian states have also shown interest.
Daily Mail
16-06-2025
- Politics
- Daily Mail
Conservative MP denies Groucho Club sex attack on two women on the same night
Conservative MP Patrick Spencer has today denied sexually assaulting two women on the same night at the exclusive Groucho Club in Soho. The 37-year-old appeared at Westminster Magistrates' Court accused of 'cupping' the two alleged victims' breasts on 12 August 2023. Wearing a smart blue suit, green tie, and thick-rimmed black glasses, the Central Suffolk and North Ipswich stood in the dock to confirm his name and date of birth. The two charges of sexual assault allege he 'intentionally touched a woman aged 16 or over and that touching was sexual when she did not consent and you did not reasonably believe that she was consenting'. He pleaded not guilty to both charges. Prosecutor Polly Dyer told the court Spencer was present at the Groucho Club that night with the two alleged victims. Spencer elected to be tried by a jury and he was bailed ahead of a plea and trial preparation hearing at Southwark Crown Court on 14 July. Lawyers acting for the MP have previously said he 'categorically denies the charges' against him, adding: 'He has co-operated fully with the police investigation from the moment he became aware of it and he will defend the allegations robustly in court.' Spencer had worked in finance for private equity firm IPGL, a company chaired by his father, former Conservative Party treasurer Lord Michael Spencer. Frank Ferguson, head of the special crime and counter terrorism division at the Crown Prosecution Service (CPS), earlier said: 'Following a review of the evidence provided by the Metropolitan Police Service, we have authorised two counts of sexual assault against Patrick Spencer MP. 'The charges follow two alleged incidents involving two separate women at the Groucho Club in central London in August 2023.' He was interviewed by police earlier this year after a complaint about his behaviour was made to the private members club. Spencer was elected to Parliament at the general election last year with a majority of 4,290. The Groucho is a private members' club in Soho's Dean Street. It opened in 1985 and became a well-known haunt of celebrities and media figures. Spencer elected to be tried by a jury and he was bailed ahead of a plea and trial preparation hearing at Southwark Crown Court on 14 July Spencer, who lives in Suffolk with his family, was suspended from the Conservatives following the news of the charges. He is now listed as an independent on the UK Parliament website. He made his maiden speech in the Commons in July last year during a debate on the MPs' code of conduct relating to second jobs, during which he said the 'most important thing to the people across my constituency' was 'restoring a sense of moral probity and public spiritedness to our political system'. Spencer made an application to have his home address withheld from the court which Chief Magistrate Paul Goldspring granted. MPs face being barred from attending Parliament if they are arrested for serious sexual or violent offences after changes last year.
