Hugh Stevenson (investment banker)

Last updated

Sir Hugh Stevenson
Born7 September 1942
NationalityBritish
Alma mater Harrow
University College Oxford
OccupationInvestment banker
Known forChairman, Mercury Asset Management, 1992-1998

Sir Hugh Alexander Stevenson (born 7 September 1942) is a businessman known for being a former chairman of Mercury Asset Management and Equitas. [1]

Career

Stevenson began his career at law firm Linklaters and Paine before joining S.G. Warburg & Co. in 1970. He went on to become chairman of Mercury Asset Management from 1992 to 1998. [1] Stevenson was on the board of Warburg from 1987 to 1995, [2] at which point it was bought by SBC and its ties with Mercury Asset Management were severed. [3]

As Chairman of Mercury Asset Management, Stevenson oversaw the company’s sale to Merrill Lynch in late 1997, [4] which saw Mercury colleagues Carol Galley and Stephen Zimmerman become co-heads of the newly created Merrill Lynch Investment Management (MLIM). [5] [6]

Following his departure from Mercury Asset Management in 1998, Stevenson took on the chairmanship of Equitas, [1] the company that was set up to reinsure the liabilities of over 30,000 “Names” of Lloyd’s of London insurance syndicates. He remained chairman of Equitas through to the transfer of liabilities in 2009. [7] He was knighted for services to the financial services industry in the 2010 Birthday Honours list.

Other non-executive directorships that Stevenson held following his departure from Mercury included a position on the board of Standard Life Investments from 1999 through to 2008, [1] the last four years of which he was non-executive chairman. [8] [9] He held other non-executive directorships at Standard Life plc (2006-2008); [1] Merchants Trust (1999-2010), [1] which he chaired; and the Financial Services Authority (2004-2010). [1]

Stevenson was also a director of the British Museum Company, which oversees the running of the British Museum for 15 years from 1991 to 2006. [1]

Related Research Articles

Lloyds of London Insurance market located in the City of London

Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".

Fidelity Investments Inc., commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts on 245 Summer St, Boston, MA 02210.

A. G. Becker & Co. was an investment bank based in Chicago, Illinois, United States.

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.

Equitas is the name given to a group of companies that was formed in 1996 to reinsure the liabilities that had accumulated in the syndicates at Lloyd's of London on insurance policies written on the 1992 and all prior years of account. These liabilities were reinsured by Equitas Reinsurance Limited (ERL), which was also appointed as the run-off agent. The liabilities were then retroceded to Equitas Limited, to which ERL also delegated its run-off function.

Mercury Asset Management plc was a leading British investment management business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.

John G. Heimann American politician

John G. Heimann was Comptroller of the Currency from 1977 to 1981 having been appointed by President Jimmy Carter and confirmed by the Senate.

UBS Multinational investment bank

UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution in the world. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy. The bank's large positions in the Americas, EMEA, and Asia Pacific markets make it a systemically important financial institution within the broader economy of Europe.

Merrill, legally Merrill Lynch, Pierce, Fenner & Smith Incorporated and previously branded as Merrill Lynch, is an American investing and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial advisors and manages $2.3 trillion in client assets. The company also operates Merrill Edge, an electronic trading platform.

Robert J. McCann Irish-American businessman

Robert J. McCann is an American businessperson with Irish dual citizenship. McCann is now chairman of UBS Americas, where his duties involve strategic initiatives around clients and business priorities. He was formerly President Wealth Management Americas and President Americas of UBS Group AG. He had led the Wealth Management Americas division since 2011 and had served as a member of the UBS Group AG executive board since 2009. He relinquished both roles when he stepped down in 2015, with Tom Naratil assuming his previous roles.

Insight Investment British asset management company

Insight Investment (Insight) is one of the largest global asset management companies, responsible for £681-billion of assets under management on 31 March 2020, represented by the value of cash securities and other economic exposure managed for clients. It manages strategies covering liability-driven investment (LDI), fixed income, cash, absolute return, multi-asset, specialist equities and real assets, such as farmland. Insight is a subsidiary of The Bank of New York Mellon, a multinational financial services corporation.

Hg (equity firm) British private equity firm

Hg is a private equity firm targeting technology buyouts primarily in Europe and the US. Hg focuses on investments in technology and services sectors. It invests out of its 8th £2.5 billion core fund and its 2nd £575 million Mercury fund, targeting smaller technology buyouts, both raised in February 2017. Both funds were closed on their hard-caps and were more than 3x oversubscribed versus their targets, receiving strong re-ups from existing investors. The company raised its 1st time £1.5B Saturn large-cap fund in March 2018 and in 2020 raised $11B across three funds, Mercury 3, Genesis 9 and Saturn 2.

Gregory Franks

Gregory Franks is an American wealth management executive and private investor. He spent twenty-eight years at Merrill Lynch in senior leadership positions in the United States, Europe, and the Middle East.

Dame Elizabeth Pauline Lucy Corley is Chair of the Impact Investing Institute. She was CEO of Allianz Global Investors, initially for Europe and then globally, from 2005 to 2016. She continued to act as an advisor to the company in various capacities until the end of 2019. She is also a Non-Executive Director at Pearson PLC, BAE Systems PLC, and Morgan Stanley Inc.

Paul Victor Falzon Sant Manduca is the chairman of Prudential plc in the United Kingdom. Paul Manduca was awarded a Maltese Order of Merit in December 2018.

Brian A. Murdock is the President and Chief Executive Officer of Strategic Investment Group, a pioneer in dedicated Outsourced Chief Investment Officer(OCIO) solutions since 1987.

Sir David Kennedy Newbigging, OBE, DL is a British businessman and Hong Kong politician born in China. He was the Tai-pan of the Jardine Matheson & Co, the leading British trading firm in East Asia and unofficial member of the Executive Council and the Legislative Council of Hong Kong.

Andreas Ernst Ferdinand Utermann is a British businessman who led Allianz Global Investors, a global investment company, for eight years from 2012, initially as a co-head and Global Chief Investment Officer and then as CEO from 2016. Utermann currently serves as Governor of Birkbeck, University of London.

Stephen Anthony Zimmerman was deputy chairman and co-head of Mercury Asset Management throughout the 1990s alongside Carol Galley.

Claire Ighodaro is a British-born Nigerian chartered management accountant. She was the first female president of the Chartered Institute of Management Accountants (CIMA) and previously the financial director of BT Broadband. Claire is presently a non-executive director of Flood Re, XL Catlin Insurance Company UK Limited, and the Pennon Group PLC. She is a trustee of the British Council and an independent board member of the UK Trade & Investment Executive Board. She is a board member and Audit Committee Chair of Lloyd’s of London and a non-executive director and Governance Committee Chair of Merrill Lynch. In 2008, she was awarded with a Commander of the Most Excellent Order of the British Empire (CBE) for services to business.

References

  1. 1 2 3 4 5 6 7 8 "Directorships of Hugh Stevenson". UK Companies House. Retrieved 31 August 2018.
  2. ↑ "Biography". UK Cabinet Office. Archived from the original on 31 August 2018. Retrieved 31 August 2018.
  3. ↑ Stevenson, Richard (11 May 1995). "Swiss bank in deal to buy S.G.Warburg". The New York Yimes. Retrieved 31 August 2018.
  4. ↑ "MAM says new owner must have a light touch". The Independent. 13 May 1995. Retrieved 31 August 2018.
  5. ↑ Stevenson, Tom (20 November 1997). "Merrill snaps up MAM in unexpected £3.1bn deal". The Independent.
  6. ↑ Truell, Peter (20 November 1997). "Merrill to acquire Mercury, British firm for $5.3 billion". The New York Times. Retrieved 31 August 2018.
  7. ↑ Sunderland, Ruth (5 July 2009). "Lloyd's Names ruling means Stevenson's work is done". The Guardian. Retrieved 4 September 2009.
  8. ↑ Brooksbank, Daniel (30 January 2004). "Standard Life Investments names acting CEO". Investments & Pensions Europe. Retrieved 31 August 2018.
  9. ↑ "Standard Life Investments chief retires after nearly a decade". The Scotsman. 28 November 2007. Retrieved 31 August 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.