Hector Sants

Last updated

Sir
Hector Sants
Hector Sants.jpg
Sants in 2014
Chief executive officer
of the Financial Services Authority
In office
July 2007 (2007-07) June 2012 (2012-06)

Sants joined the Research Department of the stockbroking partnership Phillips & Drew in 1977, and from 1978 to 1983 he was the Senior Analyst responsible for Food Manufacturing and Overseas Traders sectors. He became a partner in 1984.

In December 1984 he moved to New York where he was a director of Phillips & Drew International, the New York subsidiary. In 1985 he became managing director of that operation. Phillips & Drew International was subsequently acquired by Union Bank of Switzerland and Sants was appointed First Vice President, responsible for the international securities activities of UBS Securities.

In January 1988, Sants returned to London where he became responsible for the worldwide coordination of research for the UBS investment banking operation. In September 1988, he became Vice Chairman of UBS Phillips & Drew Securities Ltd, renamed UBS Limited in 1993, initially responsible for all equity and equity-linked secondary activities in London and later, from 1996, responsible for all equity business in Europe, Africa and the Middle Near East. In 1994, with the formation of the Global Equity Management Committee of which Sants was a founding member, he also took collective responsibility for UBS's worldwide equity operations. In December 1997 he became Global Head of Equities but continued to retain direct responsibility for the European product. From 1998 he was also on the Executive Management Committee for all UBS wholesale activities in Europe.

In March 1998, as a result of the merger of UBS with Swiss Bank Corporation, Sants became Joint Head of European Equities at investment bank Warburg Dillon Read, which itself had been created by SBC in 1997 as a result of acquisitions and mergers.

DLJ and CSFB

Sants left in July 1998 to join Donaldson, Lufkin & Jenrette. At DLJ he was global head of international (non-US) equities and chairman of Donaldson, Lufkin & Jenrette International Securities Ltd.

In October 2000, DLJ merged with Credit Suisse First Boston, and Sants became a vice chairman with responsibility for the equity businesses outside of the US. In November 2001 he became chief executive officer for the European, Middle East and Africa region and joined the executive board and the operating committee of Credit Suisse First Boston.

FSA

In May 2004, Sants joined the Financial Services Authority as the managing director responsible for Wholesale and Institutional Markets. [8] He was appointed FSA Chief Executive in July 2007. [9]

In December 2008, Sants appeared before a Treasury Select Committee inquiry about the FSA. Committee Chairman John McFall commented "Your long answers are not helping us". At the end of the hearing, however, he added "you did very well". [10]

Barclays

In December 2012, it was announced that Sants would take up the position of Head of Compliance and Government and Regulatory Relations with Barclays Bank from January 2013. It had previously emerged that after Sants stepped down from the FSA in June, in the same month the FSA fined Barclays £59.5m for manipulating the interbank borrowing rate Libor (Libor scandal). In September 2012, Sants had released correspondence with Barclays to Andrew Tyrie MP, chairman of the Treasury Select Committee, in which Sants had raised profound concerns about the culture and governance arrangements at Barclays when Bob Diamond was appointed as the bank's chief executive in 2010. Antony Jenkins, who replaced Diamond as Barclays CEO, was keen to recruit Sants to bolster the status of Barclays' compliance and regulatory oversight functions and make it integral to the way the bank operates. [3]

On 15 October 2013, Barclays announced that Sants was taking three months' sick leave as he was suffering from "exhaustion and stress", [11] and he resigned from the bank on 13 November 2013. [4]

Oliver Wyman

In July 2015, Sir Hector Sants joined Oliver Wyman, the international management consulting firm, as a Partner and Vice Chairman. [12] In November 2015, Hector Sants led a review for the British Bankers Association (BBA) into the competitiveness of the UK banking industry. [13] In September 2016, Sir Hector Sants co-led a research commissioned by TheCityUK on the potential impact of Brexit on the financial sector. [14]

Other appointments

Concurrently with his main career, Sants has held non-executive directorships at organisations including the Securities and Futures Authority (no longer extant as such), the London Stock Exchange and LCH.Clearnet. He has also served on the Practitioners Panel of the FSA, the Securities and Investments Board, the initial committee to start up CREST, the Financial Law Panel, the Practitioner Investment Advisory Committee to the Public Trustee Office and the LIBA Chairman's Committee. Sants is also the former Chair of StepChange Debt Charity. On 1 January 2022 Sants took up the role of Chair of the Oxford Diocesan Board of Finance, the governing body of the finances of the Church of England's Diocese of Oxford. [15]

Honours

Sants was knighted for services to financial services and regulation in the 2013 New Year Honours. [16] [17]

In 2016, he was awarded the Langton Award for Community Service by the Archbishop of Canterbury "for his contribution to the Church of England’s work for the common good in all communities". [18]

Sir Hector Sants is a Bynum Tudor Visiting Fellow at Kellogg College, Oxford. [19]

Related Research Articles

<span class="mw-page-title-main">Financial Services Authority</span> 2001–2013 UK quasi-judicial body

The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry.

Credit Suisse First Boston is the investment banking affiliate of Credit Suisse headquartered in New York.

<span class="mw-page-title-main">Donaldson, Lufkin & Jenrette</span> American investment bank

Donaldson, Lufkin & Jenrette (DLJ) was a U.S. investment bank founded by William H. Donaldson, Richard Jenrette, and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; online, interactive brokerage services; and asset management.

<span class="mw-page-title-main">Bob Diamond (banker)</span> Anglo-American banker and business executive

Robert Edward Diamond Jr. is an American banker and former chief executive officer of Barclays plc. In 2010, he became its president and deputy group chief executive; and in January 2011, succeeded John Varley as group chief executive of Barclays.

Jefferies Group LLC is an American multinational independent investment bank and financial services company that is headquartered in New York City. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services. The Capital Markets segment also includes its securities trading and investment banking activities.

<span class="mw-page-title-main">First Boston</span> American investment bank

The First Boston Corporation was a New York–based bulge bracket investment bank, founded in 1932 and acquired by Credit Suisse in 1988. After the acquisition, it operated as an independent investment bank known as CS First Boston until 2006, when the company was fully integrated into Credit Suisse. In 2022, Credit Suisse revived the "First Boston" brand as part of an effort to spin out the business.

Sir David Alan Walker is a British banker and former chairman of Barclays. He was chairman of Morgan Stanley International from 1995 to 2001, and 2004 to 2005, and remains a senior advisor. Walker was previously Assistant Secretary at the Treasury (1974–77), chairman of the Securities and Investments Board (1988–92), executive director for finance and industry at the Bank of England (1989–95) and deputy chairman of Lloyds TSB (1992–94). In 1994 he also joined the Washington-based financial advisory body, the Group of Thirty.

S. G. Warburg & Co. was a London-based investment bank. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index. The firm was acquired by the Swiss Bank Corporation in 1995 and ultimately became a part of UBS.

<span class="mw-page-title-main">Huw Jenkins</span> English businessman

Huw Jenkins is vice chairman of the board of BTG Pactual, based in London. He is a managing partner of the firm as well as a member of the Global Management Committee. Jenkins is also chairman of Engelhart Commodities Trading Partners (ECTP), formerly known as BTG Pactual Commodities, which was spun out of BTG Pactual in 2016.

<span class="mw-page-title-main">APriori Capital Partners</span> American private equity investment

aPriori Capital Partners is a private equity investment firm focused on leveraged buyout transactions. The firm was founded as an affiliate of Credit Suisse and traces its roots to Donaldson, Lufkin & Jenrette, the investment bank acquired by Credit Suisse First Boston in 2000. The private equity arm also manages a group of investment vehicles including Real Estate Private Equity, International Private Equity, Growth capital, Mezzanine debt, Infrastructure, Energy and Commodities Focused, fund of funds, and Secondary Investments.

Sir Richard John Broadbent is a British businessman and currently Chairman of HM Courts and Tribunals Service.

Jerker Mats Johansson is a Swedish investment banker and was the chief executive officer of UBS Investment Bank and member of the Group Executive Board at UBS AG between February 13, 2008, and April 27, 2009.

Kenneth D. Moelis is an American billionaire investment banker. He is also the founder, chairman and CEO of Moelis & Company, a global independent investment banking firm.

<span class="mw-page-title-main">UBS</span> Multinational investment bank headquartered in Switzerland

UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Headquartered simultaneously in Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS investment bankers and private bankers are known for their strict bank–client confidentiality and culture of banking secrecy. Because of the bank's large positions in the Americas, EMEA and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank.

<span class="mw-page-title-main">Jes Staley</span> American banker

James Edward "Jes" Staley is an American banker, and the former group chief executive of Barclays. He stepped down as CEO on November 1, 2021, and was succeeded by C. S. Venkatakrishnan. Staley has nearly four decades of experience in banking and financial services. He spent 34 years at J.P. Morgan's investment bank, ultimately becoming CEO. In 2013, he moved to BlueMountain Capital, and in December 2015, became CEO of Barclays. In November 2021, Staley resigned amid a regulatory probe into whether he mischaracterized his relationship with the financier, human trafficker, and sex offender Jeffrey Epstein.

John P. Costas is an American businessman, banker, and trader. He is the former chairman and CEO of UBS Investment Bank, where he oversaw the growth of the Swiss bank's investment banking franchise globally from 2000 to 2005. From 2005 through 2007, Costas was the chairman and CEO of Dillon Read Capital Management, a UBS proprietary trading unit and alternatives management company.

<span class="mw-page-title-main">Sergio Ermotti</span> Swiss banker

Sergio Pietro Ermotti is a Swiss manager and investment banker. In April 2021, Ermotti was elected Chairman of Swiss Re, one of the world's largest reinsurance companies, succeeding Walter Kielholz. He was the Group Chief Executive Officer (CEO) of UBS Group AG from November 2011 to October 2020 and regained that position in 2023. He is also a board member of the Institute of International Finance.

John Ivan Tiner CBE is a British manager in the world of finance and financial regulation. He was chief executive of the Financial Services Authority (FSA) from September 2003 to July 2007. He is now the Chairman of Ardonagh Group, as well as the CEO of a beer company.

Dame Alison Jane Carnwath is a British businesswoman, and former chairman of Land Securities.

Dawn Fitzpatrick is an American investment banker and financial officer based in New York City. She is known for her work as a hedge fund manager and as the chief executive officer (CEO) and chief investment officer (CIO) at Soros Fund Management.

References

  1. "Sir Hector Sants". Debrett's. Archived from the original on 13 November 2013. Retrieved 21 January 2013.
  2. Sants to be paid £500K plus benefits until end of year, Money Marketing
  3. 1 2 "Barclays hires former FSA boss Sats". Sky News. 12 December 2012. Retrieved 12 December 2012.
  4. 1 2 "Barclays' Sir Hector Sants resigns citing stress". BBC News. 13 November 2013. Retrieved 7 January 2014.
  5. "New Year Honours 2013". Oxford Today . 4 January 2013. Archived from the original on 8 March 2013. Retrieved 21 January 2013.
  6. Sahloul, Fareed (13 July 2007). "A brief biography of Hector Sants". Financial News . London, England. Retrieved 8 August 2022. He is married with three children and lives in Oxford.
  7. "FSA chief's gift is bonus for charity". WalesOnline . 27 June 2012. Retrieved 8 August 2022. Mr Sants' wife, Caroline, worked as a volunteer with The Art Room for three years and the couple's sons, Arthur and Hector, have raised more than £20,000.
  8. Hector Sants: Smooth Christian banker turned watchdog, The Guardian
  9. Biography, FSA website, retrieved on 12 February 2010
  10. Transcript of meeting 15 December 2008, UK Parliament publications website, retrieved on 15 January 2009
  11. Patrick Jenkins (15 October 2013). "Barclays' Hector Sants goes on leave because of stress". Financial Times. London. Retrieved 16 October 2013.
  12. Jill Treanor (16 December 2014). "Sir Hector Sants to join management consultancy firm". The Guardian.
  13. Steve Slater (13 November 2015). "Government urged to set up new body to help investment banking thrive". Archived from the original on 22 November 2016.
  14. "Claim 'hard Brexit' could cost UK£10bn in tax". Financial Times. London. 15 October 2016.
  15. "Diocese of Oxford | Sir Hector Sants appointed new Chair of the Diocesan Board of Finance".
  16. "Knights Bachelor" (PDF). Cabinet Office. 29 December 2012. Retrieved 29 December 2012.
  17. "No. 60367". The London Gazette (Supplement). 29 December 2012. p. 1.
  18. "The Archbishop of Canterbury's Awards: Lambeth Palace" (PDF). Archbishop of Canterbury. 31 March 2016. Retrieved 14 July 2017.[ permanent dead link ]
  19. "Sir Hector Sants". Kellogg College. Retrieved 27 July 2018.