Tullett Prebon alternatives head departs

The interdealer broker's alternatives team will remain intact despite Alastair Sword's departure – the latest in a series of exits.

The global head of alternatives at interdealer broker Tullett Prebon has departed the firm, Secondaries Investor has confirmed.

Alastair Sword joined the TP Alternative Investments (TPAI) team in January 2016, according to his LinkedIn profile. His next move is not known.

TPAI focuses on LP transfers, managed auction processes and direct asset divestments in the private equity, real estate and hedge fund markets, according to its website.

The team has lost a number of members over the past few months. In January senior figures Dan Nolan and Bill Arnold departed for Duff & Phelps’s secondaries market advisory team. Earlier this month Secondaries Investor revealed that seven-year veteran Maulik Patel had also made the move across.

A TP ICAP spokesman said the team was not being broken up and that Sword would be replaced: “We remain fully committed to growing Tullett Prebon Alternative Investments and are actively hiring new members of the team,” he told Secondaries Investor.

Sword was previously managing director responsible for Asian equity sales at Bank of America, based in Singapore. Before joining Tullett Prebon he had a stint as head of sales for Asia at research firm Roubini Global Economics.

The Wall Street Journal first reported Sword’s departure on Monday.

Tullett Prebon was acquired by ICAP Plc in 2016. The deal was valued at £1.28 billion ($1.84 billion; €1.5 billion) and led to the formation of TP ICAP group, one of the world’s largest interdealer brokers.