Inter-dealer broker ICAP is to create a single global 'voice broking' division as part of an overhaul of its management structure.
Hitherto, ICAP has operated its broking business on a regional basis in Europe, Middle East and Africa (EMEA), the Americas and Asia Pacific, but the new structure will mirror the organisation of ICAP's Electronic and Post Trade divisions, both of which are already run on a global basis.
According to ICAP's thinking, the new structure will enable the group to execute a global strategy for voice and hybrid broking services. The division will also be renamed "Global Broking" from "Voice", reflecting the increasing electronic component of the division's activities, which started life as a purely phone-based service.
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The new division will be run by David Casterton, most recently boss of ICAP's EMEA voice business. He will have three regional heads reporting to him: Hugh Gallagher, who remains boss of Asia Pacific and a member of ICAP's Global Executive Management Group (GEMG), and Gary Smith and Dan Flannery, who are promoted to be the Head of EMEA Broking and Head of Americas Broking, respectively.
Doug Rhoten becomes Chairman of ICAP Americas, a role that gives him direct responsibility for a number of ICAP's most senior customer relationships.
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