(Bloomberg) — Michael Spencer, the billionaire behind one of the world’s biggest financial brokerage fortunes, cut his stake in CME Group Inc. as its shares rebounded following the global outbreak of Covid-19.
Between early 2020 and 2021, the NEX Group Plc founder’s family office sold more than 410,000 CME shares that could have been worth about $90 million, a U.K. registry filing showed this month. The securities rose as much as 43% in that period, rebounding after an initial plunge when the virus crisis started.
IPGL, Spencer’s investment firm, held a 0.7% stake in the world’s largest futures exchange at the end of March 2021, according to the filing. That’s below U.S. shareholder disclosure thresholds. The holding is worth almost $550 million, based on CME’s closing stock price on Thursday.
Representatives for IPGL and Chicago-based CME declined to comment.
The move represents the first major cut in Spencer’s biggest asset after CME acquired NEX in 2018 in a deal that valued the electronic trading platform at 3.9 billion pounds ($5.4 billion).
The 66-year-old former Conservative Party treasurer originally made his fortune through ICAP Plc, NEX’s predecessor company, a business he founded in 1986. The firm grew to become the world’s biggest broker of deals between banks and turned Spencer into one of the City of London’s most prominent figures.
Spencer has diversified his fortune into real estate, wine and wealth management through London-based IPGL. It had 1.1 billion pounds in net assets at the end of March 2021 and received more than 150 million pounds from disposals in that fiscal year, the filing showed.
Spencer also recently obtained a loan from Credit Suisse Group AG through his family office to acquire one of Bombardier Inc.’s Global 5500 private jets, typically available for about $45 million.
Since completing the NEX purchase, CME’s shares have increased about 20% through Thursday.
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