Numis, the AIM-listed UK broker, has recruited Michael Spencer, chief executive of Icap, the world's largest inter-dealer broker, to be its chairman.

The broker is also issuing £5.7m (€8.3m) worth of shares to be subscribed by Intercapital Private Group, the holding company of which Spencer is also chairman and holds a 25.6% stake in Icap. The equity issue gives Spencer's holding company a 10% stake in Numis. Spencer and his wife own 41.6% of the holding company.