Garban renamed itself ICAP in 2001 (its full name did not fit on trading screens, hence the abbreviation to ICAP). In 1999, the company merged with Garban to create Garban-Intercapital, the largest inter-dealer broker in the world, with more than 5,000 employees across 63 offices. In 1998, it was acquired by Exco in a reverse takeover, and the enlarged business was renamed Intercapital. Intercapital was the first to launch a real-time screen that displayed live prices. Over its 20 years as a listed company, its total shareholder return was close to 6,000 per cent. Spencer co-founded Intercapital Brokers in 1986. From 1983 to 1986 he was a Director at futures firm Charles Fulton when that firm floated, Spencer used £50,000 from his proceeds to co-found his first business, along with three colleagues. In 1981, he joined Drexel Burnham, rising to Vice President before being fired for trading errors. In 1976, he joined city broker Simon and Coates.
Spencer is an Honorary Fellow of Corpus Christi College, Oxford and an Honorary Doctor of Loughborough University. He read physics at Corpus Christi College, Oxford, after which he considered becoming an astrophysicist. Aged eight, he was sent to England to board, latterly at Worth Abbey Benedictine (OSB) School, Sussex. During Spencer's early childhood, his family moved from his birth country to Sudan and then Ethiopia. His father was an economist and international civil servant, his mother a linguist.
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