Huw Jenkins

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For other people named Huw Jenkins, see Huw Jenkins (disambiguation).
File:Huw Jenkins.jpg
Huw Jenkins at the Financial Times CNBC Davos Nightcap, 26 January 2012

Huw Jenkins is a founding partner and International Chairman of BTG Pactual, based in London. He is a Managing Partner of the firm as well as a member of the Global Management Committee and a member of the group board.

Mr. Jenkins joined BTG as a partner in 2008. Prior to BTG he held several positions at UBS AG, including Chairman and Chief Executive Officer, Global Head of Equities, Head of Equities for the Americas and Head of Asia-Pacific Equities. Prior to joining UBS AG, he worked at BZW Investment Management and Hill Samuel. Mr. Jenkins has spent most of his career based in Asia and the United States.

Mr. Jenkins received his bachelor's degree with honours in sociology and psychology from the University of Liverpool, his MBA from the London Business School and has recently participated in the Executives in Residence programme at the London Business School.

Professional life

Based in BTG Pactual London since late 2009, Jenkins is responsible for the international businesses and in 2010 raised $1.8bn from a group of prestigious investors including Government of Singapore Investment Corporation (GIC), China Investment Corporation (CIC), Ontario Teachers' Pension Plan (OTPP), Abu Dhabi Investment Council (ADIC), J.C. Flowers & Co, RIT Capital Partners and Lord Rothschild’s family interests, the Santo Domingo Group, EXOR, the investment company controlled by the Agnelli family, and Inversiones Bahia, the holding company of the Motta family.

Prior to joining BTG Pactual, Jenkins worked at UBS Investment Bank (1996-2008). Jenkins joined the firm in 1996 as head of Asian Equities. In 1997 he was appointed co-head of Asia Pacific Equities and in 1998 head of Asia Pacific Equities. In 1999 he became co-head of US Equities and in 2000 he was appointed head of Equities for the Americas and later UBS's global head of Equities. Jenkins was appointed CEO in July 2005 and chairman and CEO of UBS Investment Bank in January 2006, holding these posts until September 2007. During Jenkins time as CEO, he expanded the fixed income risk of UBS.[1] After UBS began to suffer massive losses in the subprime mortgage crisis Jenkins stepped down to an advisory role in October 2007.

After taking a leave from UBS in 2007, Huw Jenkins purchased a farm in Tuscany and spent his time "farming olives, producing an annual 5,000 litres of olive oil, even selling it alongside his wife from a stall on King’s Road in London’s Chelsea district".[2]

Much of Huw's career has been spent in Asia and the United States. Other companies Jenkins has been employed at include: Barclays de Zoete Wedd (1987–1996), Hill Samuel (1986–1987) and HSBC (1981–1984).

In 2013 Mr Jenkins and other UBS executives were invited to give evidence on Libor rigging to the UK Parliamentary Commission on Banking Standards. The UBS executives were accused of being "ignorant" and "grossly incompetent" by commission members Andrew Tyrie and Nigel Lawson.[3] After the Parliamentary hearings had ended, Jenkins submitted a letter to the Parliamentary Commission on Banking Standards, rebutting the accusations levelled against him. Nevertheless, the committee in its final report pointed out by citing from Jenkins' own letter where Jenkins accepted responsibility for his conduct and admitted that he had not spotted the LIBOR issue at that time.[4][third-party source needed]

Education

Jenkins graduated from the University of Liverpool and gained an MBA from the London Business School.

Charitable activities

Jenkins is chairman of Great Ormond Street Hospital children's charity the Tick Tock Club, a member of Liverpool University Development Foundation Board and was Executive-in-Residence London Business School 2007 - 2009 in addition to advising the Dean on fundraising. Huw was a board member of the Lincoln Center in New York City from 2005 to 2008.

Controversy

LIBOR Rigging

At the United Kingdom's Parliamentary Commission on Banking Standards (PCBS), which is headed by the Archbishop of Canterbury of the Anglican Communion, Justin Welby, as well as Conservative MP Andrew Tyrie,[5] Huw Jenkins came under scrutiny as the CEO of UBS, for failure to detect rigging of the London Interbank Offered Rate (LIBOR), a fact that resulted in the bank being fined $1.5 billion.[6][7][8] Under the leadership of Jenkins, "Libor [was] being manipulated for years."[9] Closing the proceedings, Andrew Tyrie told Jenkins that "You were ignorant and out of your depth."[10][11] Huw Jenkins stated that "It [Libor fixing] was a very engrained part of the business areas, so it would not surprise me if it was going on before that. I'm clearly deeply sorry we didn't spot this. It is clearly a failing in our systems and controls and our culture that it wasn't highlighted."[12][13] After the Parliamentary hearings had ended, Jenkins submitted a letter to the Parliamentary Commission on Banking Standards, rebutting the accusations levelled against him. Nevertheless, the committee in its final report pointed out by citing from Jenkins' own letter where Jenkins accepted responsibility for his conduct and admitted that he had not spotted the LIBOR issue at that time.[14][third-party source needed]

Lawsuit in Hong Kong by Ex-Employee Zeljko Ivic

Member of the board of directors of Banco BTG Pactual SA, Huw Jenkins, along with the CEO of that company, André Esteves, reportedly "made fraudulent misrepresentations to get Zeljko Ivic to sign agreements with Banco BTG Pactual SA, according to a lawsuit filed with the Hong Kong High Court."[15][16] Robert Tibbo, Zeljko Ivic's attorney, has stated that Zeljko Ivic played a key role in Banco BTG Pactual SA's IPO.[17] Ivic states that he was the key player in fundraising with nine entities, including the China Investment Corporation, GIC Private Limited, as well as the Agnelli and Rothschild families.[18] As such, Ivic is making a case against Banco BTG Pactual SA, BTG Pactual Asia Ltd., CEO Andre Esteves and director Huw Jenkins,[19] and $20 million USD is the amount of the lawsuit, which will serve as compensation for the value of BTG Pactual's shares, promised partnership and unpaid bonuses to Zeljko Ivic.[20][21][22] While on a business trip to Hong Kong, Huw Jenkins was served the writ pertaining to the lawsuit against him personally.[23]

Pactual sale to UBS and resale to BTG

Arthur Rutishauser in Sonntagszeitung argued that the way André Esteves acquired 27% of his bank is an example of an insider case: Esteves sold the bank in 2006 for 3.1 billion Swiss Francs to UBS, where at that time Huw Jenkins was a key decision maker, and heavily involved in that transaction.[24] Esteves later repurchased Pactual back in 2009 for 2.5 billion Swiss Francs after being allowed to leave UBS to set up BTG.[24] Huw Jenkins was ejected from UBS in 2007 and disappeared from view, to then resurface as a senior partner and Board member at BTG Pactual in 2010.[25]

BTG Pactual Purchase of BSI

On 14 July 2014, BTG Pactual purchased Banca della Svizzera Italiana (BSI), with the purchase being subject to the approval by the Swiss Financial Market Supervisory Authority (FINMA).[26] The current CEO of FINMA is Mark Branson who was previously the CEO of UBS Securities Japan Ltd.[27] Of significance, Branson reported directly to Huw Jenkins, the CEO of UBS Investment Bank and who is now a partner and director of BTG Pactual.[28][29] Branson also worked alongside André Esteves, now CEO of BTG Pactual while both worked at UBS in its management committee in November 2007 during which time Andre Esteves committed insider trades.[30] Under Mark Branson’s leadership, FINMA is in the process to now decide whether to approve BTG Pactual’s purchase of BSI, despite BTG Pactual being owned and operated by his former boss and colleague Huw Jenkins and André Esteves.[29]

References

  1. ↑ http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Wie-eine-Gruppe-brasilianischer-Banker-von-der-UBS-profitierte/story/12660098 Tages-Anzeiger, issue of March 7, 2010
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ http://www.telegraph.co.uk/finance/libor-scandal/9793600/Banking-Standards-Commission-accuses-former-UBS-bosses-accused-of-staggering-ignorance-over-Libor-rigging.html
  4. ↑ http://www.publications.parliament.uk/pa/jt201314/jtselect/jtpcbs/27/27v_we86.htm Parliamentary Commission on Banking Standards Final Report - 'changing banking for good' 19 June 2013
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  14. ↑ http://www.publications.parliament.uk/pa/jt201314/jtselect/jtpcbs/27/27v_we86.htm Parliamentary Commission on Banking Standards Final Report - 'changing banking for good' 19 June 2013
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  29. ↑ 29.0 29.1 Lua error in package.lua at line 80: module 'strict' not found.
  30. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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