Simon Borrows named CIO of 3i
UK-based 3i Group has appointed Simon Borrows, chairman of Greenhill & Co. International, to the post of chief investment officer, effective this fall. Borrows, who will take a seat on 3i’s board of directors, has a longstanding relationship with the PE firm, advising on its 1994 listing.
Borrows succeeds two-year incumbent Ian Nolan who "will be moving to a new role in the autumn," 3i said in a statement, without disclosing what this role may be.
Borrows will spearhead 3i's capital allocations with the wider goal of boosting confidence in its buyout and dealmaking abilities. 3i took a hit last year when its global head of buyouts Jonathan Russell departed the firm. It also recently saw losses related to its investment in UK waste management firm Enterprise. 3i was forced to write off GBP201 million ($321.2 million) on that deal, which Nolan was said to have played a key role in.
The Financial Times notes that that 3i is currently trading at a nearly 20% discount to the value of its investments.
The news comes as 3i's shareholders have reelected Michael Queen as CEO, despite rumblings that disgruntled they would vote against him or abstain from voting. Top investors were said to be discontent with Queen's plan to reinvest capital that would otherwise be returned to shareholders.
3i's biggest shareholder, with 12% of the firm, is BlackRock Asset Management. Other key stakeholders are Threadneedle Asset Management, Schroders and Standard Life.
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