Roger Jenkins (banker)

Last updated

Roger Jenkins
Born
Roger Allan Jenkins

(1955-09-30) 30 September 1955 (age 68)
Scotland
NationalityBritish
Education Edinburgh Academy
Alma mater Heriot-Watt University
ifs School of Finance
OccupationFinancier
Spouses
Catherine McDowell
​
(divorced)​
​
​
(m. 1999;div. 2011)​
Larissa Andrade
​
​
(m. 2018;div. 2021)​
Children3
Relatives David Jenkins (brother)

Roger Allan Jenkins (born 30 September 1955) is a British financier and former international athlete. [1] He is the brother of former World no.1 ranked 400m runner, Olympic medalist, convicted drug runner, and informant David Jenkins. [2] [3] [4]

Contents

From 1994 to 2009, he worked for Barclays in a variety of roles, including as chief executive of Barclays Capital's Private Equity Group, and from April 2008 as Executive Chairman of Investment Banking and Investment Management for the Middle East. [5] [6]

In 2008, he played a key role raising capital for Barclays Group in June and October 2008 totaling over 9 billion pounds from amongst others, the Qatar Investment Authority, Sheikh Hamad bin Jassim bin Jaber Al Thani. He left Barclays in the summer of 2009 and in 2011 joined the Management Committee and Investment Committee of the Brazilian investment bank BTG Pactual until 2013.

Estimates suggested that Jenkins earned about £40 million during the years from 2005 to 2009, making him reputedly the highest paid banker in the City of London.

Background, education and sport

Jenkins was born in Scotland, the son of an oil refinery manager. He attended Edinburgh Academy and studied economics at Heriot-Watt University graduating with an Honors Degree. He was an Associate of the Chartered Institute of Bankers (ACIB) and received his Diploma in Financial Studies from the Institute.

In his youth he was an accomplished sprinter, representing Scotland and Great Britain from 1973 to 1978 and competed at the European Championships in 1974, the Commonwealth Games in 1978, and numerous internationals. He won a silver medal at the World Student Games in Rome in 1975 at 400m. Both Roger and his brother David feature prominently in the book A Life In A Day In A Year [7] by Peter Hoffmann which describes their athletics training at Meadowbank Sports Centre, Edinburgh, and their racing careers between 1973 and 1978. [8]

Early career

Jenkins worked briefly at BP [9] after graduation in 1977 and joined Barclays as a graduate trainee in 1978.[ citation needed ] From 1982 to 1984 he was head of private placements at Barclays's investment banking division, Barclays de Zoete Wedd (BZW), in New York City, leaving in 1987 to work for Kleinwort Benson, where he was a Director and Co-Head of Financial Markets and he stayed for seven years. [10] He rejoined Barclays in 1994 to set up a group advising companies on tax and regulatory management. [11]

Barclays

Structured Capital Markets

Jenkins developed an expertise in structuring and analysing the tax regimes of various countries. [9] His group became Barclays Capital Structured Capital Markets. It recruited beyond banking and included Iain Abrahams, a former lawyer at Slaughter and May. [11] [5]

In 2009, The Guardian reported tales of a macho culture inside the Structured Capital Markets division, where, one source claimed, "the deals are so big you never say billion or million, you just say 16 bucks or 16 quid which meant billion". [12] The same source suggested that tax avoidance "was so big it became the engine of growth for the whole of the investment banking arm". [12]

The Salz report stated that between 2000 and 2011 the SCM business generated revenue of 9.5 billion pounds. (Guardian Jill Treanor).

Wall Street Journal investigation

A 2006 investigation by The Wall Street Journal , alleged that in 2003, Jenkins and his team had set up a company co-owned by Barclays and the US bank Wachovia, Augustus Funding LLC, which was incorporated in Delaware but also had a London address and British directors. Although the company had no employees, products or customers, in 2004, it registered pretax profits of $317 million from assets such as Danish mortgage securities and U.S. Treasuries, on which it paid UK taxes of $94 million.

According to The Wall Street Journal, thanks to "elaborate structure and cash flows", both Barclays and Wachovia were able to take credit for a full payment of the tax, meaning the $94 million could be claimed twice (a so-called "double dip"). The report suggested that Augustus Funding was one of at least nine structures involving US banks set up by Barclays. Barclays called the account of the transactions "materially inaccurate", while a statement from Wachovia said that they had "complied with all applicable laws and regulations". [9] [11]

iShares

Jenkins played a key role in the selling of Barclays' iShares asset management business to CVC, the private equity firm but that did not close and Barclays Global Investors was then sold to the US firm BlackRock for $13.5 billion in June 2009.

After Barclays

Jenkins left Barclays in August 2009. [13] He retained a consultancy role with the bank while establishing his own advisory business, Elkstone, based on his contacts in the Middle East. [10] [14] [15] [16] [17]

In February 2010, Jenkins launched an advisory firm in Dublin, Elkstone Capital, looking at opportunities created by the Irish financial crisis. "If you are sitting in Dublin today, there are tremendous opportunities, from capital raising to restructuring to acquisitions," he said. [18] Nonetheless, Jenkins left Elkstone Capital in December 2011 without doing any deals.

In October 2011, it was announced that Jenkins had joined BTG Pactual as a managing partner and would sit on the bank's global management and investment committees. [19] [20]

In 2016 he invested in a fund to acquire a cannabis cultivation facility in Northern California, and subsequently that ownership was sold.

Personal life

Jenkins married Catherine McDowell in 1980, a banker at Barclays, and had one daughter. [21] In 1999 he married Sanela Dijana Ćatić, whom he had met in the gym at the Barbican, where Roger Jenkins was living after the end of his first marriage. [22] Diana is a Bosnian Muslim who was born in Bosnia but migrated to London from Sarajevo during the Bosnian War. Jenkins has said that they had "a bit of a hippy marriage". [23] They have two children.

In 2011 it was announced that their marriage had come to "a natural end" in 2009 and they jointly filed for divorce in late 2011. [24] [19] Diana said she still loves her husband but she needs to be free, saying, "this is my time to be me". [25]

In February 2018, Jenkins announced his engagement to Larissa Andrade, a Brazilian model and actress 29 years his junior living in Los Angeles and on 11 August 2018 they were married in Txai, Bahia, Brazil and subsequently divorced in December 2021. [26] [27] [28]

Jenkins moved back to the United Kingdom in 2019. [29] [ citation needed ]

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References

  1. ↑ "Roger JENKINS | Profile | World Athletics". www.worldathletics.org.
  2. ↑ McLaughlin, Mark (26 February 2009). "Illegal steroids:Shamed Olympian was brains behind smuggling operation". Edinburgh Evening News . Archived from the original on 5 October 2009.
  3. ↑ Mike Rowbottom. Drugs in sport: The former cheat who prospered, The Independent, 14 December 1998
  4. ↑ "LONG SPRINT: Diary of an Olympic Athlete". National Library of Scotland. Retrieved 25 February 2018.
  5. 1 2 Milmo, Cahal. "Roger Jenkins: The banker everybody wants to be seen with", The Independent , 3 February 2009. Retrieved 22 February 2011.
  6. ↑ "Roger Jenkins appointed Chairman, Investment Banking and Investment Management, Barclays, Middle East", AMEinfo.com, 10 April 2008. Retrieved 23 February 2011.
  7. ↑ Hoffmann, Peter (6 August 2017). A Life in a Day in a Year: A Postcard from Meadowbank, 1973-1978. CreateSpace Independent Publishing Platform. ISBN   978-1973962663.
  8. ↑ "Meadowbank is the stadium of dreams for Peter Hoffman". scotsman.com. Retrieved 4 May 2018.
  9. 1 2 3 Cobain, Ian. "Roger the Dodger – £40m king of tax", The Guardian, 19 March 2009. Retrieved 23 February 2011.
  10. 1 2 Slater, Steve. "Top Barclays dealmaker Jenkins going solo", Reuters, 20 July 2009. Retrieved 23 February 2011.
  11. 1 2 3 Mollenkamp, Carrick and Simpson, Glenn R. "How a UK banker helps US clients trim their taxes", Wall Street Journal , 30 June 2006. Retrieved 23 February 2011.
  12. 1 2 Lawrence, Felicity. "Macho poker bets, summary sackings and an 'electric chair'", The Guardian , 20 March 2009. Retrieved 23 February 2011.
  13. ↑ "Elkstone Capital: Our Team", Elkstone Capital website. Retrieved 23 February 2011.
  14. ↑ Treanor, Jill and Bowers, Simon. "Roger Jenkins, Barclays' £40m-a-year man, to quit bank", The Guardian, 19 July 2009. Retrieved 23 February 2011.
  15. ↑ Werdigier, Julia. "Banker Who Helped Avert Bailout at Barclays to Leave", The New York Times, 20 July 2009. Retrieved 23 February 2011.
  16. ↑ Griffiths, Katherine. "Business big shot: Roger Jenkins of Barclays", The Times , 20 July 2009. Retrieved 23 February 2011.
  17. ↑ Goodman, Matthew. "Roger Jenkins to quit Barclays and set up own venture", The Sunday Times, 18 July 2009. Retrieved 23 February 2011.
  18. ↑ Dey, Iain. "Barclays star Roger Jenkins back hunting for banks", The Sunday Times, 7 February 2010. Retrieved 23 February 2011.
  19. 1 2 Murphy, Megan. "BTG gains top banker as it eyes expansion", The Financial Times , 2 October 2011. Retrieved 3 October 2011
  20. ↑ Wilson, Harry. "The Sunday Interview: Roger and Huw Jenkins on the 'miracle' economy of Brazil", The Daily Telegraph, 26 November 2011. Retrieved 25 June 2012.
  21. ↑ Davidson, Gina. "Inside the life of city’s financial whizz Roger Jenkins", Edinburgh Evening News , 30 May 2012. Retrieved 15 June 2012.
  22. ↑ Cadwalladr, Carole. "Diana Jenkins: Accidental Philanthropist", The Observer , 27 September 2009. Retrieved 22 February 2011.
  23. ↑ Comstock, Courtney. "The Amazing Life Of Diana Jenkins Just Got $250 Million More Amazing". Business Insider.
  24. ↑ Sawer, Patrick. "Celebrity socialite divorce: 'we're separating – try my energy drink'", The Daily Telegraph, 30 January 2011. Retrieved 22 February 2011.
  25. ↑ "The Amazing Life of Diana Jenkins Just Got $250 Million More Amazing". Business Insider .
  26. ↑ Kelly, Liam. "Roger Jenkins weds Brazilian model".
  27. ↑ "Larissa Andrade". IMDb.
  28. ↑ "Larissa Andrade". Larissa Andrade.
  29. ↑ "Celebrity Homes". 24 January 2024.
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