Michael Spencer, the CEO of ICAP, has bought a slice of Alternative Investment Solutions (AIS), a hedge fund administration business founded four years ago by former CSFB executive Boris Tiomkin and co-founder Paul Chain. Spencer will join AIS Board. Details of the investment were not disclosed.
AIS says the equity investment was made by INCAP Finance B.V., a wholly owned subsidiary of IPGL Limited, and an investment vehicle controlled by Michael Spencer, the founder of interdealer broker ICAP. Negotiations for the equity investment from IPGL were headed by Director Ronnie Armist, formerly MD of Lombard Odier, London.
“We are thrilled to have Michael involved with AIS,” says Boris Tiomkin, chief executive officer of AIS. “This is a tremendous vote of confidence in our team and the work that has gone into building AIS. With Michael’s support and guidance AIS will continue to build a reputation based on superior service.”
“I view outsourcing as a vital component in the evolution of the hedge fund industry,” says Spencer. “I have been interested in the fund administration space for some time and was impressed with the quality of service, technology and level of reporting that AIS offers. I look forward to working with the AIS management team and helping to continue the rapid growth and early success they have achieved.”
IPGL Limited is a privately owned investment vehicle in which Michael Spencer, Chairman of IPGL Limited, and Chief Executive of ICAP plc, is the major shareholder. IPGL’s previous investments include holdings in Numis Securities Limited, the investment banking and stockbroking boutique, and in the international financial services executive search company Sheffield Haworth.