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Hector Sants
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Hector Sants is a British investment banker.
Sants was appointed as the Chief Executive Officer of the Financial Services Authority in July 2007. Sants was educated at Clifton College and Corpus Christi College, Oxford.
or Sants was educated at Corpus Christi College, Oxford and obtained an MA in Psychology and Philosophy. He joined the Research Department of Phillips & Drew in 1977 and from 1978 to 1983 he was the Senior Analyst responsible for Food Manufacturing and Overseas Traders sectors.
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Encyclopedia
Hector Sants is a British investment banker.
Sants was appointed as the Chief Executive Officer of the Financial Services Authority in July 2007. Sants was educated at Clifton College and Corpus Christi College, Oxford.
Career
Hector Sants was educated at Corpus Christi College, Oxford and obtained an MA in Psychology and Philosophy. He joined the Research Department of Phillips & Drew 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 Inc and Hector 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, Hector Sants 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 then in 1996 he took responsibility 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 Hector 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. Since 1988 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 SBC he became joint Head of European Equities at Warburg Dillion Read but left in July 1998 to join Donaldson, Lufkin & Jenrette. 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 Hector 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 May 2004 he joined the Financial Services Authority as the Managing Director responsible for Wholesale and Institutional Markets.
His previous non-executive directorship appointments include: The SFA; the London Stock Exchange; and LCH.Clearnet. He has also served on the Practitioners Panel of the FSA, the SIB; 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.
Sants started his career at Phillips & Drew, moving to head its Wall Street section in New York at the age of 30. In 1998, he joined Donaldson, Lufkin & Jenrette.
He was head of international equities UBS and Chief Executive Officer of Europe, Middle East and Africa for the investment bank Credit Suisse First Boston (CSFB).
In 2000, he joined CSFB when the firm merged with Donaldson, Lufkin & Jenrette and was a member of CSFB's Executive Board.
He was a member of the Financial Services Practitioner Panel and was previously a Board member of, among other bodies, the Securities and Futures Authority and the London Stock Exchange.
Criticisms
Sants was criticised in October 2008 over his 'vulgar and extravagant' renovations of a Victorian house, costing him a reputed £3million, which included a lift, a subterranean indoor swimming pool, a gym, electronic gates, six bedrooms, and nine bathrooms. When the planning application was made, the chairman of the Victorian Group of the local Architectural and Historical Society, Peter Howell said: 'The application proposes to use the original house as the shell for an extravagant and vulgar new one.” Sants claims he and his wife were saving a house “which was wrecked”.
John McFall, Chairman of the House of Commons Treasury Select Committee, after Sants had been called before it to answer questions on the work of the FSA in 2007-2008, commented “Your long answers are not helping us.” (At the end of the hearing, however, he added “you did very well.”)
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