Hector Sants
Encyclopedia
Hector Sants is a British investment banker. He was appointed Chief Executive Officer
of the Financial Services Authority
in July 2007.
and Corpus Christi College, Oxford
and obtained an MA in Psychology and Philosophy.
in 1977, and from 1978 to 1983 he was the Senior Analyst responsible for Food Manufacturing and Overseas Traders sectors. In this capacity he achieved considerable success, regularly featuring in institutional client surveys and becoming a partner in 1984.
In December 1984 he moved to New York where he was a Director of Phillips & Drew International, the New York subsidiary. In 1985 he became Managing Director of that operation. Phillips & Drew International was subsequently acquired by Union Bank of Switzerland
and Sants was appointed First Vice President, responsible for the international securities activities of UBS Securities.
In January 1988, he returned to London where he became responsible for the worldwide co-ordination of research for the UBS investment banking operation. In September 1988, he became Vice Chairman of UBS Phillips & Drew Securities Ltd, renamed UBS Limited in 1993, initially responsible for all equity and equity-linked secondary activities in London and later, from 1996, responsible for all equity business in Europe, Africa and the Middle Near East. In 1994, with the formation of the Global Equity Management Committee of which Sants was a founding member, he also took collective responsibility for UBS's worldwide equity operations. In December 1997 he became Global Head of Equities but continued to retain direct responsibility for the European product. From 1998 he was also on the Executive Management Committee for all UBS wholesale activities in Europe.
In March 1998, as a result of the merger with Swiss Bank Corporation
he became Joint Head of European Equities at Warburg Dillon Read
.
. At DLJ he was Global Head of International (non-US) Equities and Chairman of Donaldson, Lufkin & Jenrette International Securities Ltd.
In October 2000 DLJ merged with Credit Suisse First Boston
and Sants became a Vice Chairman with responsibility for the equity businesses outside of the USA. In November 2001 he became Chief Executive officer for the European, Middle East and Africa region and joined the Executive Board and the Operating Committee of Credit Suisse First Boston.
In December 2008, Sants appeared before a Treasury Select Committee inquiry about the FSA. Committee Chairman John McFall commented “Your long answers are not helping us”. At the end of the hearing, however, he added “you did very well”.
and LCH.Clearnet
. He has also served on the Practitioners Panel of the FSA, the Securities and Investments Board, the initial committee to start up CREST
, the Financial Law Panel, the Practitioner Investment Advisory Committee to the Public Trustee Office and the LIBA
Chairman's Committee.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
in July 2007.
Education
Sants was educated at Clifton CollegeClifton College
Clifton College is a co-educational independent school in Clifton, Bristol, England, founded in 1862. In its early years it was notable for emphasising science in the curriculum, and for being less concerned with social elitism, e.g. by admitting day-boys on equal terms and providing a dedicated...
and Corpus Christi College, Oxford
Corpus Christi College, Oxford
Corpus Christi College is one of the constituent colleges of the University of Oxford in the United Kingdom...
and obtained an MA in Psychology and Philosophy.
Phillips & Drew and UBS
He joined the Research Department of Phillips & DrewPhillips & Drew
Phillips & Drew was a large stockbroking partnership and company based in the City of London, England. It was fully acquired by the Union Bank of Switzerland in 1986, which itself merged with the Swiss Bank Corporation in 1998, to become UBS AG....
in 1977, and from 1978 to 1983 he was the Senior Analyst responsible for Food Manufacturing and Overseas Traders sectors. In this capacity he achieved considerable success, regularly featuring in institutional client surveys and becoming a partner in 1984.
In December 1984 he moved to New York where he was a Director of Phillips & Drew International, the New York subsidiary. In 1985 he became Managing Director of that operation. Phillips & Drew International was subsequently acquired by Union Bank of Switzerland
Union Bank of Switzerland
Union Bank of Switzerland was a large integrated financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998, to become UBS to form what was then the largest bank in Europe and the second...
and Sants was appointed First Vice President, responsible for the international securities activities of UBS Securities.
In January 1988, he returned to London where he became responsible for the worldwide co-ordination of research for the UBS investment banking operation. In September 1988, he became Vice Chairman of UBS Phillips & Drew Securities Ltd, renamed UBS Limited in 1993, initially responsible for all equity and equity-linked secondary activities in London and later, from 1996, responsible for all equity business in Europe, Africa and the Middle Near East. In 1994, with the formation of the Global Equity Management Committee of which Sants was a founding member, he also took collective responsibility for UBS's worldwide equity operations. In December 1997 he became Global Head of Equities but continued to retain direct responsibility for the European product. From 1998 he was also on the Executive Management Committee for all UBS wholesale activities in Europe.
In March 1998, as a result of the merger with Swiss Bank Corporation
Swiss Bank Corporation
Swiss Bank Corporation was a large integrated financial services company located in Switzerland...
he became Joint Head of European Equities at Warburg Dillon Read
Warburg Dillon Read
Warburg Dillon Read was an investment bank created by the Swiss Bank Corporation , following its 1997 acquisition of S. G. Warburg & Co. which it merged with Dillon, Read & Co., a firm it had acquired in 1995. SBC itself merged with the Union Bank of Switzerland in 1998, creating UBS AG...
.
DLJ and CSFB
Sants left in July 1998 to join Donaldson, Lufkin & JenretteDonaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...
. At DLJ he was Global Head of International (non-US) Equities and Chairman of Donaldson, Lufkin & Jenrette International Securities Ltd.
In October 2000 DLJ merged with Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
and Sants became a Vice Chairman with responsibility for the equity businesses outside of the USA. In November 2001 he became Chief Executive officer for the European, Middle East and Africa region and joined the Executive Board and the Operating Committee of Credit Suisse First Boston.
FSA
In May 2004 Sants joined the Financial Services Authority as the Managing Director responsible for Wholesale and Institutional Markets. He was appointed FSA Chief Executive in July 2007.In December 2008, Sants appeared before a Treasury Select Committee inquiry about the FSA. Committee Chairman John McFall commented “Your long answers are not helping us”. At the end of the hearing, however, he added “you did very well”.
Other appointments
Concurrently with his main career, Sants has held non-executive directorships at organisations including the Securities and Futures Authority (no longer extant as such), the London Stock ExchangeLondon Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and LCH.Clearnet
LCH.Clearnet
LCH.Clearnet is an independent clearing house based in Europe that serves major international exchanges and platforms, as well as a range of OTC markets...
. He has also served on the Practitioners Panel of the FSA, the Securities and Investments Board, the initial committee to start up CREST
CREST
CREST is the Central Securities Depository for the U.K., Republic of Ireland, Isle of Man and Jersey equities and UK gilts, named after its securities settlement system, CREST. The project was launched in 1993, following the Taurus fiasco, and the company was founded in 1996. CREST allows...
, the Financial Law Panel, the Practitioner Investment Advisory Committee to the Public Trustee Office and the LIBA
Libá
Libá, formerly Libštejn, is a village and municipality in Cheb District in the Karlovy Vary Region of the Czech Republic.-Notes:...
Chairman's Committee.
External links
- Article in The GuardianThe GuardianThe Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...
newspaper - Article in The TimesThe TimesThe Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...
newspaper - Biography on Financial Services AuthorityFinancial Services AuthorityThe Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
website