Tullett Prebon PLC New Technology Centre, Belfast Northern Ireland (9680F)

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RNS Number : 9680F

Tullett Prebon PLC

02 August 2016

2 August 2016

Tullett Prebon plc ("Tullett Prebon")

New technology centre in Belfast, Northern Ireland

Tullett Prebon announces that it is establishing a new technology centre in Belfast, Northern Ireland which will serve as a global hub for the Group's IT operations.

Investment in technology is a key pillar of Tullett Prebon's strategy. The new Belfast centre will provide development and technical support for the Group's global business. It will increase IT capacity, accelerate the introduction of new products to market, boost innovation and improve cost efficiency.

When fully operational during 2019, Tullett Prebon expects 300 employees to be located in the Belfast centre, with initial recruitment starting later this year.

The development is backed by the regional development agency, Invest Northern Ireland.

Tullett Prebon will incur a net cash outflow for the set-up costs of the Belfast centre of no more than GBP6m, of which GBP2m will fall in the current financial year. It anticipates annual savings of around GBP5m per annum when the centre is fully operational. This is based solely on the current Tullett Prebon IT footprint. The potential for savings is greater when the impact of the acquisition of the ICAP Global Hybrid Voice Broking and Information business is taken into account.

Commenting on today's announcement, John Phizackerley, Chief Executive of Tullett Prebon, said:

"I am very pleased to announce the establishment of our new technology centre in Northern Ireland. The combination of a highly educated workforce, attractive business environment and great infrastructure, underpinned by the support of local government and Invest Northern Ireland, is a highly compelling proposition and made Belfast the standout choice for us.

Our new Belfast centre will play a pivotal role in the delivery of our global technology strategy. It will transform the way our IT teams collaborate across our business and with outside partners, and help the Group deliver key goals."

Ends

Enquiries:

Alexandra Wick, Marketing & Communications Director, Tullett Prebon

Direct: [phone]

Craig Breheny, Brunswick Group

[e-mail]

Direct: [phone]

About Tullett Prebon:

Tullett Prebon (www.tullettprebon.com) is one of the world's leading interdealer brokers and operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients in seven major product groups: Energy & Commodities, Rates, Volatility, Treasury, Non-Banking, Credit and Equities.

With offices in 24 countries, Tullett Prebon operates voice, hybrid, electronic, volume matching, algorithmic matching and risk mitigation platforms, to accommodate the needs of its clients, and to satisfy the regulatory driven evolution of the marketplace. In addition to its brokerage services, Tullett Prebon offers a variety of market information services through its IDB Market Data division, Tullett Prebon Information.

Tullett Prebon has its principal offices in London, New Jersey, Hong Kong, Singapore and Tokyo, with other offices, joint ventures and affiliates in Bangkok, Connecticut Dubai, Frankfurt, Geneva, Houston, Jakarta, Johannesburg, Luxembourg, Madrid, Manama, Manila, Mexico City, Mumbai, New York, Paris, São Paulo, Seoul, Shanghai, Sydney, Toronto, Vienna and Warsaw.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 02, 2016 04:08 ET (08:08 GMT)