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City tycoon Michael Spencer's £1bn break-up
Jonathan Prynn, Evening Standard29 Aug 2008
Billionaire Tory Party treasurer Michael Spencer has separated from his wife after 25 years of marriage.
The surprise split raises the prospect of Britain's biggest-ever marital financial settlement, although sources close to the couple say there are no plans for a divorce.
It comes on the day that official figures show a sharp rise in the number of divorce among the over-50s after decades of marriage.
Mr Spencer, 53, is one of the City's wealthiest figures, with a £1.15billion fortune.
He and wife Lorraine, 49, are close friends of David Cameron and Mr Spencer has raised millions of pounds for the Conservatives.
The couple have two sons and a daughter and homes in Notting Hill, Suffolk and Manhattan.
Their marriage was thought to have been one of the more secure in the world of high finance.
Mr Spencer is chief executive of ICAP, the world's largest money broker, which he founded in 1986. He has a 20 per cent stake in ICAP and is ranked as the 62nd wealthiest person in Britain.
Mr Spencer is known as a gregarious and outspoken man. In the Eighties he had a reputation for throwing some of the best parties in the City, getting acts such as Bananarama to perform. His friends in business include Marks & Spencer boss Sir Stuart Rose.
Once a year, ICAP donates a day's revenue-to a range of good causes. The current British record for a divorce settlement is £48million, paid by insurance magnate John Charman in 2006 after 29 years of marriage to his wife Beverley.
WPP marketing tycoon Sir Martin Sorrell had to pay almost £30million to former wife Sandra after 33 years of marriage.
French Connection founder Stephen Marks sold about £40million worth of shares to fund his 2004 divorce.
This month, Phil Collins agreed a £25million settlement with his third wife Orianne Cevey. That beat the £24.3million won by Heather Mills when she divorced Sir Paul McCartney.
Marriage breakdown among the superwealthy has increased in recent years as the courts have taken an increasingly generous stance towards wives.
Robert Kerr from accountancy firm Grant Thornton said: "If you go back before the recent settlements, a woman was only entitled to get her 'reasonable needs'. But now you can be looking at 50 per cent of the pot."
