Icap 'stole brokers' from Cantor

ONE of the City's biggest brokerage firms plotted to launch a 'concerted campaign' to poach staff from a rival whose workforce was devastated by the New York terror attacks. Emails sent by the chief executive of Icap, Michael Spencer, within weeks of 11 September, allegedly show how he planned a 'heist' to exploit the weakened state of Cantor Fitzgerald - the firm that lost 658 of its 1,000 traders in the attacks.

While other American and international companies rallied to help the firm rebuild itself and raise funds for the widows and orphans, Icap's boss hatched a ruthless plot to get one up on his bitter rival, the High Court was told.

Spencer's first message, on 11 October, a month after the attacks on the World Trade Centre, said: 'I would love to plan a heist,' allegedly referring to poaching brokers from Cantor's interest rate division desk. A second email on 25 October said: 'Oh, I would love to put one up their bottom...and this is the time I have been waiting for just a few years.'

Three key brokers, Edward Bird, Spencer Gill and Luigi Boucher, left Cantor for Icap the following April. Cantor wants damages from them for breaking their contracts, the return of a loan from Gill, and the return of money they were paid in bonuses.

Outlining the alleged plot, Andrew Hillier QC, for Cantor Fitzgerald, said: 'This was part of a concerted campaign by Icap. The plan was first formulated shortly after 11 September and the attack on the World Trade Centre in which Cantor Fitzgerald lost over 600 brokers.

'Cantor Fitzgerald was therefore at a very weak time indeed and it is our case that Icap decided to exploit that weakness by targeting key desks at Cantor. The plan was to 'lift out' the brokers - that's the term used by Icap - before their contracts had expired. If that could not be achieved by agreement between the brokers and Cantor, then it was to be achieved by brokers in breach of their contract.'

Mr Hillier said Spencer's emails were a 'clear indication of what Icap intended to do and that they intended to procure the brokers to leave'. He added: 'This was a crucial time. This was a time Mr Spencer was waiting for: Cantor at a weak stage. This then carries on through the emails, Mr Spencer seeing this as a considerable gain, part of their rivalry, and .... he was really able to get one over Cantor, as he saw it.'

After the case opened on Tuesday, a statement from Icap, quoting Spencer, said the firm would strenuously oppose Cantor's claim.