Cinven announces Guardian Financial Services senior management team
European private equity firm, Cinven, today announces several senior management appointments at Guardian Financial Services ("Guardian" or "the Company), the UK consolidator of closed life assurance funds.
Jonathan Yates joins as Chief Executive, formerly Group Finance Director of Phoenix Group. Paul Dixon joins as Chief Investment Officer and Simon Davis as Chief Risk Officer. These individuals will work alongside Chris Chapman, Guardian's Chief Operating Officer, most recently Chief Executive of Old Mutual US Life, who was brought in by Cinven to lead the acquisition of the business in August 2011. Michel Tilmant, formerly Group CEO of ING Group, joined the Company as Non-Executive Chairman in November 2011. Cinven completed its acquisition of Guardian, the UK closed book of life and pensions business, from AEGON for an enterprise value of £275 million in November 2011.
Michel Tilmant, Non-Executive Chairman¸ joined the Board at completion in November 2011. He was previously Group CEO of ING Group from 2004-2009, following its acquisition of Banque Bruxelles Lambert. He is a Board member of BNP Paribas, Sofina and Foyer Group.
Jonathan Yates, Chief Executive, joins the Company on 1 March 2012. Previously Group Finance Director of Phoenix Group, the largest UK consolidator of closed life assurance funds, he was formerly Chief Executive of Admin Re, the closed life division of Swiss Re, and has extensive experience in the UK closed life assurance industry.
Paul Dixon, Chief Investment Officer, previously worked for Phoenix Group and co-founded the internal asset manager Axial which saw assets grow from zero to £13 billion in three years and was then merged within the Phoenix Group. Prior to Phoenix, he spent 15 years in investment banking and global markets, latterly as Managing Director of Merrill Lynch. He joins Guardian on 3 January 2012.
Simon Davis, Chief Risk Officer, joined on 15 December 2011. He was formerly Managing Director of his own consulting business advising Phoenix Group across a number of risk-related areas. Prior to that, he was Corporate Services Director at Admin Re.
Cinven expects to announce the appointment of a Chief Financial Officer of Guardian early in 2012 to finalise the management team.
Commenting on these appointments, Caspar Berendsen, a Partner at Cinven, said:
"We are delighted to have attracted a first class management team with considerable expertise in the UK closed life assurance sector to the Board of Guardian.
"Guardian provides an excellent platform from which the new senior management team can execute a consolidation strategy in the closed life market. The Board has a significant track record of generating improved returns on capital and creating value for both policyholders and shareholders and we look forward to working with them."
Photos available on request.