Lord Spencer, the previous Conservative Party treasurer, is toasting a £210m festive payday from the takeover of a Singaporean monetary companies group he helped to fund.
Sky News understands that the ICAP founder, who was ennobled in 2020, will obtain the bonanza after Singapore Life Holdings agreed to be acquired by Japan’s Sumitomo Life Insurance.
Lord Spencer supplied the capital to ascertain what was the Asian metropolis state’s first on-line life insurance coverage enterprise.
In complete, he’s mentioned to have invested £60m into the SingLife enterprise, that means he has generated three-and-a-half instances his cash in solely 5 years.
The Tory peer helped to engineer the acquisition of Aviva’s Singaporean life enterprise in 2021, and is alleged to have performed a number one function within the negotiations with Sumitomo.
Through his personal funding automobile IPGL, Lord Spencer has amassed stakes in a various array of companies, starting from The Tote to Elvie, a producer of silent breast-pumps.
IPGL additionally holds shares in Chapel Down, the AIM-listed English glowing wine producer.
One of essentially the most profitable monetary companies entrepreneurs of his technology, Lord Spencer’s peerage was held up by the furore across the Libor rate-rigging scandal – though he was not personally implicated in any wrongdoing.
He was a giant donor to Boris Johnson’s profitable Tory management marketing campaign, and chairs the Centre for Policy Studies, Thatcherite think-tank.
A spokesman for Lord Spencer declined to remark.
Source: information.sky.com”