After a shorter than expected campaign, Theresa May has been named the UK’s next prime minister. Her appointment follows David Cameron’s resignation on the heels of the Brexit vote.
The final candidate standing between May and the prime ministership was energy minister Andrea Leadsom, setting up the first ever all female campaign to lead the UK. Leadsom stepped aside on Monday after several interview gaffes saw her quoted as saying that she would make a better leader as she was a mother, unlike May.
Leadsom, who previously worked in financial services, was also forced to defend using an offshore bank and was called upon to clarify her employment history after former colleagues accused her of embellishment.
May advised during her leadership bid that she would not be calling for a second referendum on the UK’s membership of the European Union. She has also stated that she will not be calling for a snap election.
May will take over as prime minister and leader of the Conservative Party on Wednesday 12 July.
Old Mutual Wealth
Iain Wright has been named chief risk officer of Old Mutual Wealth, where he will be responsible for the governance and oversight of strategic, operational and financial risks to the OMW businesses. His role was approved by the Financial Conduct Authority (FCA) on 5 July and he will report to chief executive Paul Feeney.
Wright joins from Sun Life Financial where he was senior vice president, enterprise and operational risk, having previously been chief risk officer at Prudential UK & Europe. He began his career as a chartered accountant with Deloitte, and later moved to the London Stock Exchange where he carried out a number of roles, including head of equity and debt markets.
UBS Asset Management
Michael Baldinger has joined UBS Asset Management as head of sustainable and impact investing. In this newly created role, Baldinger will be responsible for establishing a sustainable and impact investing business across asset classes.
He joins after seven years at RobescoSAM, an international investment company focused on sustainability investments, where he held the position as chief executive since 2011. Prior to this, Baldinger was head of distribution for the Americas at Credit Suisse Asset Management and spent 10 years in equity sales at Bear Stearns and Deutsche Bank.
Neptune has hired Stewart Cowley, former head of fixed income and macro at Old Mutual Global Investors, as its new fixed income consultant. Joining in September, Cowley will be advising founder and chief executive Robin Geffen and James Dowey, chief economist and chief investment officer, on the fixed income portion of the Neptune Balanced fund, as well as offering investment ideas and insight to the investment team.
He will sit on the investment committee for the planned private wealth business, which is due to be launched later this year subject to FCA approval.
The specialist fund management group has appointed Olly Russ as head of European income. Previously at Argonaut, Russ is managing the Liontrust European Income and the Liontrust European Enhanced Income funds, which have a joint total of £272m in assets.
Before joining Argonaut in 2005, Russ was a fund manager at Neptune Investment Management.
Fund manager Charles Anniss is leaving the firm after 16 years to pursue other opportunities. His replacement on the M&G European Select Fund has been named as John Olsen, who has been deputy of the fund since July 2014 and has 20 years of industry experience.
Manager of the M&G European Smaller Companies Fund Mike Oliveros will become the deputy manager of both the M&G European Select Fund and the M&G Pan European Select Fund.
Kasper Mikkelsen, analyst on the M&G Equities Select team, will become deputy of the M&G Global Select Fund.
KBL European Private Bankers
Head of research and strategy, Kevin Doran, has left KBL epb after just three months with the company. In March he moved to the private bank from its UK subsidiary Brown Shipley, where he had been chief investment officer for two years and worked for a total of 18 years.
A spokesperson confirmed that Doran has decided to pursue professional opportunities elsewhere.
Securities and Exchange Commission
Sean McKessy, the first head of the US’s SEC’s whistleblower programme, is to leave the commission later this month. Assuming the role in February 2011, McKessy helped establish the whistleblower office.
The office was tasked with assessing and reviewing all tips received by the agency, evaluating award claims, and making recommendations to the commission on whether claimants have satisfied eligibility requirements to receive an award.
During McKessy's tenure, the office reviewed more than 14,000 tips from individuals in every US state, the District of Columbia, and 95 foreign countries. More than $85m (£65.6m, €76.9m) has been paid to 32 whistleblowers.