Ex-Tory Treasurer Celebrates £210 Million Windfall from Singapore Agreement

Former Conservative Party treasurer Lord Spencer is poised to celebrate a lucrative festive windfall amounting to £210 million, courtesy of a Singaporean financial services group’s takeover he had contributed to funding.

The ICAP founder, ennobled in 2020, stands to gain this significant sum following the agreement for Singapore Life Holdings’ acquisition by Japan’s Sumitomo Life Insurance.

Lord Spencer provided the capital to establish what was the Asian city state’s first online life insurance venture.

In total, he is said to have invested £60m into the SingLife business, meaning he has generated three-and-a-half times his money in only five years.

The Tory peer helped to engineer the purchase of Aviva’s Singaporean life business in 2021, and is said to have played a leading role in the negotiations with Sumitomo.

Through his private investment vehicle IPGL, Lord Spencer has amassed stakes in a diverse array of businesses, ranging from The Tote to Elvie, a manufacturer of silent breast-pumps.

IPGL also holds shares in Chapel Down, the AIM-listed English sparkling wine producer.

Lord Spencer, recognized as one of the most accomplished financial services entrepreneurs of his era, faced scrutiny during the controversy surrounding the Libor rate-rigging scandal, despite not being directly implicated in any misconduct.

A notable contributor to Boris Johnson’s victorious Tory leadership campaign, Lord Spencer also presides over the Centre for Policy Studies, a Thatcherite think tank.

In response to inquiries, a spokesperson for Lord Spencer chose not to provide any comment on the matter.