IPGL, the financial services investment fund owned by Michael Spencer, has reduced its debt from £352 million to under £250 million since the end of March last year, Financial News reports. The company paid off its debt by selling off stakes in hedge fund, RAB Capital and Numis Securities, as well as holdings in other unlisted entities.

Spencer had taken out loans against IPGL’s stakes in brokers Numis and Icap. IPGL’s debt levels increased over the past two years as it pumped £70 million into spread-betting company, City Index, after clients defaulted on trades worth millions of pounds.

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