The Chancellor today announced that, in consultation with the Governor of the Bank of England, he has appointed Robert Jenkins to the interim Financial Policy Committee (FPC) as an external member to fill the vacancy left by the departure of Sir Richard Lambert.
The interim FPC has been established to prepare the ground, in advance of legislation, for the creation of the FPC as the body responsible for the stability of the financial system as a whole, addressing one of the main flaws of the current regulatory framework.
Notes for editors
Robert Jenkins is CEO and Managing Partner of Combinatorics Capital, a global macro investment partnership. He is also Adjunct Professor, Finance at the London Business School where he teaches investment management.
Mr Jenkins has spent 16 years running bank trading rooms followed by 18 years running asset management organizations. At Citibank he was responsible for trading and sales in Dubai, Bahrain, Switzerland, and Japan. While on assignment to Citi’s head office, he was responsible for setting the trading and liquidity limits for the bank’s trading rooms globally. In 1992, Mr. Jenkins moved from the “sell side” to the “buy side.” He served as Chief Investment Officer and Head of the asset management business at Credit Suisse in Japan and later as Chief Operating Officer for Credit Suisse Asset Management’s activities in the UK, central and eastern Europe. In late 1997, Mr Jenkins moved to F&C Asset Management, plc where he served for 12 years - first as Chief Executive and then as Chairman.
Mr Jenkins Chaired the Investment Management Association of the UK and co-Chaired, together with the Chancellor of the Exchequer, a high level group focusing on the future of the asset management industry in Britain. He has served on the Panel on Takeovers and Mergers, UK. Mr. Jenkins has been associated with the London Business School since 2007 and became Adjunct Professor in 2009. He is a Senior Advisor to CVC Capital and an Independent Director of the Aberdeen All Asia Investment Trust. Mr. Jenkins is a frequent speaker at industry conferences and regular contributor of articles and letters to the financial press.
Mr Jenkins attended university in the US, France and Italy. He holds a Masters degree from the Johns Hopkins School of Advanced International Studies. He is married with two children. He currently divides his time between the UK and the US. With this appointment Mr Jenkins will relinquish forthwith all executive involvement with Combinatorics Capital and will relocate full time to the UK.
As previously announced, the other members of the interim FPC are:
- the Governor of the Bank of England, Mervyn King, as Chair
- the Bank of England’s Deputy Governor for Financial Stability, Paul Tucker
- the Bank of England’s Deputy Governor for Monetary Policy, Charlie Bean
- the Chief Executive of the FSA, Hector Sants (in his capacity as future Deputy Governor for Prudential Regulation of the Bank of England and Chief Executive of the Prudential Regulation Authority)
- the Chairman of the FSA, Adair Turner
- the Bank of England’s Executive Director for Financial Stability, Andy Haldane
- the Bank of England’s Executive Director for Markets, Paul Fisher
- Alastair Clark
- Donald Kohn
- Michael Cohrs
There are also two non-voting members:
- the Chief-Executive-designate of the Financial Conduct Authority, Martin Wheatley (who is due to take up his position in September 2011)
- a Treasury member
The independent members of the interim FPC have been appointed by the Chancellor, in consultation with the Governor, both of whom sought to ensure that each member brings a balance of experience and a sound understanding of the issues at stake. These appointments will be for the duration of the life of the committee (until the permanent committee can be established by law) which is expected to be around 2 years. At this point, external members for the statutory FPC will be appointed in a similar way to the external members of the Monetary Policy Committee, following the usual public appointments process. The Government and Bank hope that the external members of the interim FPC will feel able to continue to offer their knowledge and expertise and aid continuity by applying for the permanent body, once it is established.
The interim FPC held its first formal meeting on 16 June 2011. The record of the meeting and the interim FPC’s first Financial Stability Report were published on 24 June 2011 and can be found on the Bank of England’s website.
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