July 7, 2011 2:34 am

HSBC alumni in the City

3i’s Simon Borrows was part of bank’s first graduate trainee intake

3i’s new man Simon Borrows was part of the first graduate trainee intake at HSBC in the early 1980s.

Others in the group, who were sent to Hong Kong, included HSBC boss Stuart Gulliver, ex-UBS banker Huw Jenkins, then known as “Gwili” now at BTG Pactual, and the former UK boss of Tudor Capital, Mark Houghton-Berry, who joined the hedge fund after a successful trading career at Goldman Sachs.

Messrs Borrows, Jenkins and Houghton-Berry left HSBC for business school after a few years at the bank. Mr Gulliver was among the minority who stuck it out and climbed the corporate ladder.

. . .

Kiernan farewell

Lazard’s Peter Kiernan, who was among the advisers to Kraft in its acquisition of Cadbury, is set to leave the bank.

Mr Kiernan is the poacher who missed out on becoming gamekeeper as the Takeover Panel’s criticism of how Kraft handled the deal scuppered his chance to be seconded as director-general to the M&A regulator.

He is currently advising Exponent Private Equity on the sale of VShips. Lazard said his decision, first reported by Sky News, allowed him to “take an extended break and explore new opportunities”.

. . .

Early retirement

Wendy Mayall, the chief investment officer of Unilever’s pension fund, is standing down after 16 years.

The 53-year-old, who came under the media spotlight a decade ago when she crossed swords with Merrill Lynch Investment Management’s co-head Carol Galley in court, is moving back to the consulting industry.

Ms Mayall was the architect of a global roster of preferred providers of investment services. Her departure comes as Unilever announced its intention to close its final salary pension scheme to existing employees.

Meanwhile, David Norgrove, who chaired the Pensions Regulator from its inception in 2005 until last year, is to join pensions consultants PensionsFirst as chairman.

. . .

Driving ahead

The UK chief of motor and home insurer RSA Adrian Brown has been elevated to the group’s board after almost three years in his role. His promotion puts him on a par with Simon Lee, RSA’s international head.

Mr Brown, a Bristolian who retains his strong accent, has worked his way up the insurer over 22 years – switching successfully between the hands-on nitty gritty of claims and IT to overseeing the launch of new RSA brand More Than a few years ago.

. . .

Wombling along

Music industry trade body BPI’s deputy chairman – and Wombles creator – Mike Batt proved to be an entertaining warm-up act for culture minister Ed Vaizey, as record company executives gathered at the Mayfair Hotel on Wednesday for the lobby group’s annual meeting.

Mr Batt told industry leaders – Sony’s Ged Doherty, David Joseph of Universal, Warner Music’s Jeremy Marsh, and EMI’s Andria Vidler – how he learnt that “all [music] publishers are bastards” when he began his career. He then discovered the same was true of record labels and music retailers. When he formed his own Dramatico label, he became one of them. “The ISPs are the new bastards, of course,” Mr Batt added, setting up Mr Vaizey’s keynote speech about the relationship between the creative industries and internet service providers.

“Thanks, Mike, for what I’ll call the Batt Doctrine,” the minister deadpanned.

. . .

In with a shout

Former GLG fund manager Jason Mackay has joined the board of Newcastle-based digital agency Shout Digital. The 38-year-old – who left GLG last year as co-head of the UK equities business – is also an investor in the firm and joins former Sage chief Paul Walker on the board.

. . .

Power Player: Simon Borrows, 3i CIO designate

Simon Borrows

Simon Borrows’ connection to 3i goes back a long way, writes Anousha Sakoui.

In the 1990s, the fund was beauty parading advisers for its initial public offering. Among the fresh-faced bankers was Mr Borrows, then at Barings.

The Buckinghamshire-born Mr Borrows led the team that managed the float in 1994 and has retained a strong connection with the company. After witnessing the collapse of Barings and its takeover by ING, he moved to set up the European arm of boutique investment bank Greenhill, facing scepticism at the time.

A long-time adviser to Tesco, he has worked on deals including EMI’s sale to Terra Firma and the Gallaher/Japan Tobacco transaction. The 52-year-old became the chairman of Greenhill’s international operations last year, moving to three days a week.

The University of London graduate obtained an MBA at London Business School. He started at HSBC before moving to Morgan Grenfell and switching to Barings in 1988. After meeting Bob Greenhill, founder and chairman of the bank, he joined Greenhill in 1998.

He took on directorships at British Land and Inchcape, which he intends to keep for now.

In his spare time, the father of three enjoys golf and skiing.


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