City Moves: Who is switching jobs in the Square Mile this week?
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email [email protected] to be featured.
IoD appoints new chair
The Institute of Directors (IoD) has appointed a new chair after a thorough search process, who will step into the role next Monday.
Patrick Macdonald is set to take the helm from interim chair John Watson, after he joined in September 2020.
The chair of the IoD’s Nomination Committee, Jean Church, said: “After a rigorous selection process, we were delighted to appoint Patrick. I would like to thank John Watson for stepping in as interim chair last year and helping to lead the IoD during the last seven months.”
Watson, who navigated the board’s response to the pandemic, will remain as part of the IoD Board when the new chair starts.
After beginning his career at the Ministry of Defence as an engineer, Macdonald has held both executive and non-executive roles across a wide range of businesses over the last 35 years.
“I have been a member of the IoD since 2001 and am delighted and honoured to take over as chair today,” the new chair said.
“All businesses and business organisations have faced enormous challenges over the last year. It’s clear the IoD had already done a lot before the pandemic struck to get into shape for the long term.”
Artorius bolsters investment team
Independent wealth advisory firm Artorius has announced the appointment of former UBS wealth management senior, as the new head of investment management.
Gareth Thomas will help the firm manage its assets worth a collective £1.25bn from its London office and will report to chief investment officer Gerard Lane, after joining the firm on Monday.
“The direction of travel is away from big banks towards truly independent firms providing specialist mandates for large and sophisticated clients as well as core discretionary offerings,” Thomas said.
CEO Paddy Lewis added: “I am delighted to be working with Gareth again, having spent 12 years working alongside him to build the successful investment offering at UBS.”
Goodwin strengthens London office
Law firm Goodwin has bolstered its tax practice with a new partner in the London office this week.
Dulcie Daly is set to join the firm with 15-years experience in advising sponsor clients and their portfolios.
As a tax law veteran, Daly will focus on domestic and international tax planning, and provide cross-border tax advice on private equity and M&A transactions.
“Dulcie will be an invaluable resource for our clients as they continue to engage us for our specialist experience,” Goodwin tax partner, Laura Charkin, said.
Capital and innovation demands have fuelled growth in the London office’s transaction offerings, private equity partner Richard Lever, said.
“Adding a partner of Dulcie’s calibre will be an immediate benefit to our clients, particularly given her deep experience advising sponsors,” Lever added.
Tradeteq appoints new head of structuring
Bank asset technology provider Tradeteq has announced the appointment of a new head of structuring this week.
James Baxter joins the fintech firm after 13 years at Latham & Watkins, home to Facebook’s lawyers, where he represented financial bodies in capital markets transactions.
“James will be a crucial member of our team as we continue to build the hub for trade finance distribution and achieve our vision to make trade finance accessible to a broad range of investors,” co-founder and CFO, Nils Behling, said.
The news follows a funding round for Tradeteq investment in a bid to expand the team and its products.
“I’m eager to lend my expertise to help make trade finance more efficient for originators, businesses and institutional investors,” Baxter said.
AJ Bell hosts two new hires
Investment platform AJ Bell has announced the appointment of two new non-executive directors, this week, subject to regulatory and shareholder approval.
Baroness Helena Morrissey DBE has been selected as a non-executive director, who is intended to succeed Les Platts as chair next year.
Set to join the board as chair designate on in July, Morrissey departs from St James’s Place’s board but will retain her position as lead non-executive director for the Foreign, Commonwealth and Development Office.
Evelyn Bourke, currently non-executive director at Marks & Spencer Group, has also been appointed as non-executive director who will join in July.
Senior Independent Director at AJ Bell, Laura Carstensen, said:“The appointments of Helena Morrissey and Evelyn Bourke further strengthen the AJ Bell board,
“They each have a broad depth of experience in a range of financial services business and we are confident this will bring new ideas to the business that will benefit all our stakeholders.”
Darktrace hires a new non-executive director
Cyber security AI company Darktrace has announced today that a new non-executive director will join the board.
Rt Hon. David Willetts, who served as a member of parliament from 1992-2015, is set to support the British company’s technology development.
“I look forward to supporting the company as it continues to play a critical role in building the technology and talent needed to counter the rising threat from cyber-attacks on business, government and critical national infrastructure,” Willetts said.
Willets join the board alongside his current roles of president of the think-tank Resolution Foundation and chair of the Foundation for Science and Technology.
UKGI welcomes eight senior hires
UK Government Investments (UKGI), has announced this week that it has significantly expanded its senior advisory team with the appointment of eight new executive directors, in its largest senior recruitment stint to date.
The appointments reflect UKGI’s growing workload in its work to support the government’s private sector interventions, while managing the impacts of the pandemic.
“The new senior appointments we are announcing today will enhance UKGI’s existing body of specialist expertise with specific additional skills and senior advisory experience across legal, actuarial, audit, investment banking and the workings of government,” CEO of UKGI, Charles Donald, said.
The eight new executive directors are set to enhance UKGI’s specialist and sector-specific corporate finance and governance expertise and will lead advisory and support teams on its private sector interventions and programmes.
“We are adding to our governance portfolio, increasing our resources to help with additional COVID-related responsibilities, and building a new team of experts to provide analytical and advisory support on contingent liabilities to government,” Donald added.
Elena Ciallie will join with over 25 years’ experience in investment banking and corporate finance including roles at Citibank, Goldman Sachs and Ondra Partners.
Jonathan Gorrie has re-joined UKGI after leaving in 2019 and moves from the BT Pension Scheme where he was a portfolio manager.
Samantha Harris has joined from the government department for Business, Energy & Industrial Strategy, bringing with her experience from a variety of policy and corporate roles across a number of Whitehall departments.
Sukhi Johal has departed financial services firm RSM UK, where she was a corporate finance partner, and brings over 20 years’ experience from the industry.
Lucie Lambert has been promoted to general counsel after joining in 2015.
Robert Mackie is set to lead UKGI’s work supporting HM Treasury’s financial interventions in response to the pandemic.
Aidan Smith has joined on secondment from the government Actuary’s Department and will lead the insurance branch in the new contingent liabilities team.
Nancy Zhang, who joined this month, brings with her has over 18 years’ experience in corporate finance and investment banking in both the UK and Asia.