Paul Myners joins Cevian Capital
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Former government minister for UK financial services Paul Myners has joined Cevian Capital as a chairman of its UK operations.
Myners, who also becomes a partner at the firm, will be tasked with identifying potential investment targets, work with boards and build alliances with other investors, according to the FT.
Myners has a long history in fund management. He was chairman at Gartmore from 1987 to 2001.
In 2001, at the request of HM Treasury, he led a review of institutional investment in the UK, and set-out 10 principles for best practice that continue to be known as the “Myners Principles.” Myners held the newly-created post of UK Financial Services Secretary from 2008 to 2010. This role saw him take part in the UK’s £500 billion bank restructuring plan. He stepped down in 2010 upon the change of government in the UK.
Cevian Capital manages £3bn dedicated to active ownership investing in European listed companies. The firm, which was founded in 2002, on companies in the Nordics, German speaking companies and the UK.
Myners says: “I have held Cevian in high regard for some time, after coming to know them from governance circles. Over the last months I have had an opportunity to get to know the firm and its professionals from the inside. Its investment strategy entails a long-term horizon, a concentrated portfolio, a plan to add value to each of its companies through constructive involvement, and collaborative efforts with and on behalf of other major shareholders. Cevian’s approach embodies many of the principles that I believe are important not only for successful investing, but for society to maximise economic value from its capital and corporate assets.”
Cevian senior partner Harlan Zimmerman says: “Cevian invests in companies which we believe are attractive on an as-is basis, but which have scope for operational, strategic,structural and financial improvements. Understanding and enhancing a company’s board and governance dynamics is often the key to catalysing these improvements. Paul willcontribute in several ways, but in particular his broad and deep experience within UK boardrooms will be a significant asset in Cevian’s work to identify and realise value potential.”
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