• Moves of the week
Jonathan Hill, the UK’s commissioner to the European Union, announced he would step down from the position, a day after the UK’s referendum result to leave the bloc was announced.
The departure of Hill, who is in charge of the bloc’s important financial services portfolio, had been regarded in Brussels as inevitable following the referendum result.
He said in a statement that he would stay for some weeks and work with European Commission President Jean-Claude Juncker on an orderly handover.
Hill’s portfolio of financial services and capital markets union will be taken over by commission vice president in charge of the euro, Valdis Dombrovskis, Juncker said in a statement. Dombrovskis is a former prime minister of Latvia.
Lloyds Banking Group has appointed a prominent institutional investor to help manage its £32 billion in pension assets.
David Adkins will join the funds in August as head of investment strategy, according to a person close to Lloyds, leaving the £7 billion Pensions Trust, where he had served as chief investment officer since 2010.
Adkins leaves the Pensions Trust after six years at the helm of the UK’s pension fund for charities and not-for-profit agencies.
A spokesman for the trust confirmed the move and said the trust had a strong internal investment team in place to ensure it would continue to deliver on its investment objectives and would announce Adkins’ successor in due course.
Old Mutual Global Investors has recruited a fixed-income specialist who left Invesco Asset Management in March as the full-time replacement for its former star manager Stewart Cowley, who exited a year ago.
Mark Nash, most recently head of global multi-sector fixed income portfolio management – and a former European fixed income strategy head at Invesco – started as head of global bonds on June 27, OMGI said in a statement on June 29.
OMGI, which had £26 billion under management as of the end of March, has also hired his former Invesco colleague Nick Wall, who will join on July 4 as a portfolio manager.
At OMGI, Nash’s title is a new one, and his role sees him report to Christine Johnson, head of fixed income.
He will take over the fund responsibilities of Cowley, who left OMGI roughly a year ago following bottom-quartile performance over three years and third-quartile performance over five years for his Old Mutual Global Strategic Bond Fund.
Bank of America Merrill Lynch has hired a former senior executive from independent advisory firm Greenhill & Co’s European business as its new head of mergers and acquisitions for the region.
Luca Ferrari will join BAML in July, according to a memo sent to bank employees on June 23 by global M&A co-heads Jack MacDonald, Adrian Mee and Patrick Ramsey, and Luigi Rizzo, the bank’s head of Emea investment banking.
Ferrari left Greenhill, where he had been co-head of European corporate advisory, in October 2015. He had spent three years with the firm, running the European corporate advisory business first with David Wyles and then, from mid-2015, with Anthony Parsons, a former Deutsche Bank M&A adviser.
• And the best of the rest…
Bank for International Settlements appoints secretary general
The Bank for International Settlements has appointed Monica Ellis as secretary general, effective January 2017. She takes over from Peter Dittus who has held the role since 2005 and who is retiring at the end of the year. Ellis, who has been at the BIS for 20 years most recently as deputy secretary general and head of communications, will head the general secretariat, one of the Bank’s three main departments.
Barclays hires from Morgan Stanley for credit business
Barclays has hired Mike Khouri as a managing director in its credit business. Khouri was previously head of European distressed trading and head of global risk for Morgan Stanley’s distressed business. He will join Barclays in late September, reporting to Dan Friedman, head of high yield and distressed credit trading at the bank.
Greenwich Associates names new regional heads
Greenwich Associates has appointed new regional heads in Asia and Europe as well as making two key hires to its investment management practice. Paul Tan has been named head of Asia and Tobias Miarka takes responsibility for the firm’s European business. Both are internal moves. In addition, Markus Ohlig is returning to the firm as a managing director leading its investment management practice in Europe and Asia, while Mark Buckley takes the role of principal in Europe. Ohlig re-joins from Vontobel where he was head of corporate development. Buckley was previously at Aviva Investors where he was global head of client service.
Kames Capital adds to European distribution team
Elena Delfino has joined Kames Capital as a business development manager in its European wholesale distribution team. She reports to Richard Dixon, head of continental European wholesale, and will cover accounts in Italy and Spain including wealth managers, financial advisers, fund of funds, family offices, fund platforms and banks. Delfino joins from Neuberger Berman where she worked in the firm’s sales team covering Spain, Portugal and Italy.
KPMG hires first head of investment management consultancy
Tim West has joined KPMG as a partner to lead its investment management consultancy team, a new role which the firm says was created a result of increased client demand. West will lead a team of consultants and work closely with Richard Clarke, head of investment management. He joins from Old Burlington Ventures and previously held board level roles at Babcock & Brown and iShares.
Legal & General turns to Kingman as group chairman
The former chief executive of the body set up to manage the government’s stakes in Lloyds and RBS has been appointed group chairman of Legal & General. John Kingman succeeds Rudy Markham, who has served as interim chairman since June 1 when former chairman John Stewart retired. Kingman was the first chief executive of UK Financial Investments, which was formed to manage the government’s investments in Lloyds Banking Group, Royal Bank of Scotland and Northern Rock. He has also held key roles in the government, latterly as Second Permanent Secretary to the Treasury, and worked as co-head of the financial institutions group at Rothschild.
Newton loses commercial director
Colin Cowie has left his role as commercial director on the board of Newton Investment Management. Cowie joined parent company Mellon in 2003 and had sat on the boutique’s board since August 2013. During that time, he had responsibility for distribution, product development, client relations and business strategy.
Northern Trust hires consulting relations head
Northern Trust Asset Management has named Rob Joseph as global head of consultant relations. In his new role, Joseph will lead US-based relations with institutional consultant, collaborating with partners across Europe, the Middle East and Asia-Pacific. Joseph returns to Northern Trust where he had previously worked in sales and investment product roles. He was most recently managing director of investor and consultant relations at Evanston Capital Management, a role he had held for seven years. Other roles include senior sales and product management positions at the former Allegiant Asset Management. He began his career as a researcher and consultant at Ennis Knupp & Associates.
Pension Protection Fund adds to board line up
The Pension Protection Fund has added Jayne Nickalls to its board as a non-executive director. Nickalls, who is also a non-executive director at the Financial Services Compensation Scheme, has extensive experience in digital and IT. Previous roles include chief executive of Directgov, the government’s central public services website, and vice president of consulting services for northern Europe at US firm Chordiant Software.
RWC adds ex-Man Group CEO to board
Peter Clarke, who stepped down as chief executive of hedge fund Man Group after six years in 2013, is joining the board of investment manager RWC Partners as a non-executive director. Clarke also serves on the boards of Lombard Odier and Axa UK and of London-based fintech startup Essentia Analytics. He is also chairman of Lancashire Holdings. Clarke joined Man Group in 1993 having previously worked at Morgan Grenfell and Citicorp.
Cohen deputy joins Stamford Harbor Capital
One of Steven Cohen’s top deputies has left the billionaire’s private investment firm to run a new hedge fund company owned by Cohen, people familiar with the matter told The Wall Street Journal. Perry Boyle oversaw stock and “macro” investments at Point72 Asset Management, which manages Cohen’s personal family fortune. Starting June 27, Boyle will head to a new entity owned by Cohen called Stamford Harbor Capital, the people said. Boyle will in the coming months hire investor relations staff and begin the regulatory windup toward potentially managing outside money in a year and a half, the people said.
WH Ireland picks wealth management heads
WH Ireland has appointed a head and deputy head of its wealth management division. Roddy Buchanan has been promoted to head of the wealth management division having previously been deputy head of private clients. He reports to chief executive Richard Killingbeck. Rupert Yeoward has been hired as deputy head of wealth management, reporting to Buchanan. Prior to joining WH Ireland, Yeoward was an independent wealth management consultant having previously held roles at Rathbone Investment Management and Deutsche Bank.