Crawford set for return
ROLLY Crawford, tipped to take over from Stefan Allesch-Taylor as chief executive of investment bank Fairfax, is one of the best-known names in the City, though for some of the wrong reasons.
The former head of investment trusts at stockbroker Collins Stewart, Crawford was one of four senior City figures who were implicated in the Financial Services Authority’s four-year investigation into collusion in the split-capital investment trust sector, which was finally tied up in 2007 via a “no-blame settlement”.
As part of Crawford’s agreement with the regulator, he agreed not to perform any customer-related activities before the end of 2007, and not to take up any influential senior management role before 3 October this year.
Our revelations that he may shortly take over from Stefan Allesch-Taylor at the helm of Fairfax come just over a week after this ban was lifted.
It is understood he would have to reapply to the City watchdog for “approved person” status if he is indeed taking on the position of chief executive.
A total of 50,000 people lost money in the split-caps scandal, when the model of paying some investors large dividends came unstuck.
Allesch-Taylor is also a larger-than-life City figure – quite literally, since the investment banking veteran stands an eye-watering six foot ten inches tall.
Allesch-Taylor, who is also renowned for keeping pet piranhas in his office, founded Fairfax in 2006.