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Paul Gambles

Recognized as a regional financial expert, Paul is a regular speaker at industry events on market forecasting, financial planning, investing and legal issues for foreigners living or doing business in Asia.  Besides Paul’s blog, Paul previously distributed his ‘almost-daily’ email – “Daily Updates”, where he gave his views on timely issues affecting financial markets, macro economics, micro economics and everything in-between.

Born in South Yorkshire, England, Paul graduated from the University of Warwick with an Honours degree in English and European Studies.  He began his financial career in the early 1980s as a technical inspector at HMIT with Inland Revenue.  Following a successful career change to the Bank of Scotland in 1987, Paul moved to Bangkok in 1994 to help set-up an investment counseling practice, which today is known as MBMG International.

www.mbmg-international.com

  

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18 February 2010

MICHAEL SPENCER SAILS CLOSE TO THE WIND...AGAIN

If we continue to think badly of politicians, maybe it’s because they keep giving us reasons to do precisely that. Conservative party treasurer and one the city’s richest men Michael Spencer has earned the reputation as one of the City’s more engaging and entrepreneurial characters. Down the years he also has sailed close to the wind.

Spencer, who is the Chief Executive and founder of broking firm ICAP, is under fire again as he sold 10.3m shares in ICAP at 440p a share netting him cool £45m, just weeks before a profit warning from ICAP that its annual profits would be between £295 million and £315 million, lower than the average City forecast which led to the shares plunging to 297p per share. This revelation prompted fellow opposition party, the Liberal Democrats, to call for Mr Spencer’s removal as Conservative treasurer, a position he has held for three years. Had Spencer held his shares and sold after the warning he would have realised £30m from the sale or if anyone bought the shares and still holds them they have lost a third of their investment.

A report in last weekend’s Sunday Times noted “ICAP chief Executive Michael Spencer is to quit his role as treasurer to Britain’s opposition Conservative Party to focus on running the company”.Under market abuse rules, employees of a company are not allowed to trade on the back of inside information. The FSA have so far refused to comment. Mr Spencer set up ICAP on a shoestring in 1986 and turned it into the world’s biggest Interdealer Broker. His fortune, even though affected by the credit crunch, is estimated at £750 million.

In 2004, Mr Spencer who is no stranger to controversy bought £5.5m worth of shares of the then ailing Marks and Spencer group a day after a meeting with his “old friend” Stuart Rose. Sixteen days later Philip Green Launched his takeover of M&S sending the shares soaring, making a paper profit for Spencer of £1.7m, a week later Stuart Rose was appointed Chief Executive....