LONDON (Reuters) – U.S. private equity firm J.C. Flowers has hired a former head of Britain’s main financial regulator, Callum McCarthy, and Australian banker David Morgan to beef up its European operations.
J.C. Flowers named Morgan, former chief executive of Australian bank Westpac (WBC.AX), as managing director for Europe and Asia Pacific, and appointed McCarthy to the new post of European chairman.
Ravi Sinha, managing director at J.C. Flowers in London, will leave.
The company, founded in 1998 by executive chairman Christopher Flowers, focuses solely on the financial services sector and has invested about $11 billion in the sector.
Flowers said the appointments strengthened the firm’s international resources and “will ensure that JCF can identify new investment opportunities in Europe and Asia Pacific”.
Morgan is currently chairman of J.C. Flowers in Australia and will be responsible for the company’s investment portfolio across Europe and Asia Pacific.He was Westpac CEO between 1999 and 2008, and before joining the bank was senior deputy secretary of the Federal Treasury in Canberra. He will step down as a director of miner BHP Billiton (BLT.L) (BHP.AX).
McCarthy left as chairman of the Financial Services Authority just over a year ago. Before joining the FSA he headed Ofgem, the economic regulator for the gas and electricity industries, and has also held senior positions at British bank Barclays Plc (BARC.L). (Reporting by Steve Slater; Editing by Dan Lalor)