Ex-FSA Chief Sants To Barclays For £3 Million

Dec 19 2012 | 10:06am ET

Hector Sants, the former head of Britain's Financial Services Authority and that regulator's former top authority on hedge funds, will join Barclays next month.

Sants will lead the troubled bank's compliance effort as its first head of that area. Barclays has been embroiled in a rate-fixing scandal that has already cost former CEO Bob Diamond his job.

New CEO Antony Jenkins said that Sants' appointment would "send a clear signal intent in terms of my personal commitment to delivering a culture in Barclays where compliance is universally welcomed and observed."

Sants worked at Credit Suisse and UBS before joining the FSA in 2004. He served as head of its wholesale and institutional markets division, which included hedge funds and private equity firms, before being named its CEO in 2007. He stepped down in June after almost five years on the job, and as the FSA moved towards oblivion—it will be replaced by a new regulator next year.

The move to Barclays will certainly be a lucrative one for Sants: The Financial Times reports that he'll be paid as much as £3 million in the job, including a £700,000 salary, bonuses of as much or more and a long-term incentive plan worth up to £1.5 million.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note