Team Members

Beth Russell

Second Permanent Secretary at His Majesty’s Treasury

Beth joined the Board of UK Government Investments in November 2022.

Beth was appointed as the Second Permanent Secretary of HM Treasury (HMT) in October 2022 and is based at the Darlington Economic Campus. HMT is responsible for developing and executing the government’s public finance policy and economic policy.
Beth has worked in HMT since 2000 on a range of policy roles across tax, welfare and public spending. Previous to her current role she was the Director General of Tax and Welfare in the Treasury between 2017 and 2022. Her earlier Treasury roles included Director of Personal Tax, Welfare and Pensions (2013-2017), Principal Private Secretary to the Chancellor of the Exchequer George Osborne (2011-2013), Deputy Director of General Expenditure Policy (2008-2011), Deputy Director of Environmental and Transport Taxes (2005-07) and Speechwriter for Gordon Brown when he was Chancellor (2001-2005) and Prime Minister (2007-2008).  Beth started her career in the Department of Social Security as a policy adviser on welfare (1996-2000).

Louise Stonestreet

Executive Director

Since joining UKGI (formerly the Shareholder Executive), Louise has worked on a wide range of transactions and governance projects working with a variety of government departments. She currently leads the shareholder team for Sheffield Forgemasters, having also worked on the Ministry of Defence’s acquisition of the business in 2021. Other projects have included the privatisation of the Green Investment Bank, and governance roles with energy, transport, infrastructure and environmental assets.

Louise joined UKGI from Citigroup, where she spent almost 10 years working on corporate advisory projects, M&A and equity transactions for companies in the UK and internationally.

Dr Mahnaz Safa

Non-Executive Director

Mahnaz was appointed Non-Executive Director of UK Government Investments in September 2022. She is also the NED responsible for Diversity and Inclusion, and the Chair of the Remuneration Committee.

With 30 years of experience in finance, Mahnaz has been a Senior Executive at UBS, Citi and ANZ. She led Debt Capital Markets for EMEA and headed Markets for Europe and America. Whilst at UBS and Citi, she co-chaired their respective women’s leadership Executive Committees. She has previously served as a Senior Independent Director on the Board of Alternative Credit Investments, a FTSE 250 company. Mahnaz holds a PhD in computer aided technology from Imperial College.

Current additional appointments:

  • Non-Executive Director at Jefferies International Limited
  • Member of the Council at Imperial College where she is the Champion for Equality, Diversity and Inclusion.

Andrew Ballheimer

Non-Executive Director

Andrew was appointed a Non-Executive Director of UK Government Investments in September 2022.
From 2016 to 2020, Andrew was the Global Managing Partner of Allen & Overy LLP. Andrew has more than 35 years of legal experience advising multinational corporations and global financial institutions, including in other senior leadership positions at Allen & Overy, as Global Co-Head of Corporate and UK Managing Partner of Corporate.

Current additional appointments:

  • Member of the fundraising committee of Moorfields Eye Charity
  • Board member of Factor Law Inc.
  • Member of the M&A Global Advisory Board at AON PLC

Kalpana Desai

Non-Executive Director

Kalpana was appointed Non-Executive Director of UK Government Investments in September 2022. She is also the NED responsible for Engagement.
Previously, Kalpana was a member of the Takeovers and Mergers Panel of the Securities and Futures Commission in Hong Kong from 2007 to 2014 and was a Non-Executive Director at Canaccord Genuity Group Inc. from 2015-2019.
Kalpana has over 30 years of international advisory and investment banking experience. Until 2013, she was Chief Executive of Macquarie Capital Asia, the investment banking division of Macquarie Group Limited. Prior to this, she was Head of the Asia-Pacific Mergers & Acquisitions Group and a Managing Director from 2001 in the Investment Banking Division of Bank of America Merrill Lynch based in Hong Kong. Kalpana is a Fellow of the Institute of Chartered Accountants of England and Wales and holds a BSc Economics from the London School of Economics.

Current additional appointments:

  • Non-Executive Director of Janus Henderson plc
  • Founding Trustee of the Future is Bright Charitable Trust


Rubaba Khan

Executive Director

Rubaba joined UKGI in 2018 and has been involved in a variety of projects, including advising the Department for Education on the Student Loans securitisation programme, government’s financial support schemes in response to the Covid-19 pandemic and advising the Department of Health and Social Care on the provision of clinical negligence indemnity cover for General Practitioners. In 2021, she worked on setting up of the Contingent Liability Central Capability (CLCC), an analytical and advisory unit established to strengthen contingent liability expertise within government. She currently co-leads the UKGI shareholder team for the Nuclear Decommissioning Authority.

Prior to joining UKGI, Rubaba spent 10+ years in Investment Banking advising financial institutions on a broad range of transactions including M&A, equity and debt capital markets.

Rubaba holds a degree in MSc Economics from University College London.

Ruth Collins

Executive Director

Ruth joined UKGI on a secondment in July 2022, having spent 5 years at HM Treasury working on transport projects and spending, and had latterly led the programme team to set up and establish the Darlington Economic Campus. A civil servant with 20 years’ experience, Ruth has worked in departments and arms-length bodies, building extensive policy and programme management skills across a range of high profile infrastructure projects and issues. Ruth will lead UKGI’s Project Management Office, as well as working on individual projects.

Roshana Arasaratnam

Executive Director

Roshana joined UKGI in June 2022 having worked across capital markets, public sector and not for profits over the last 20 years, most recently as Associate Managing Director at Moody’s Investor Services where she has led ratings teams across Europe.

Before Moody’s, Roshana led finance, business planning and performance improvement initiatives in local government, having trained as a chartered accountant at PricewaterhouseCoopers. In addition, she tutors in Sustainable Finance at the Cambridge Institute of Sustainable Leadership, is a member of the ICAEW Sustainability Committee, is a Trustee at Womankind Worldwide, mentors startups at Cass Business School and is a diversity mentor for BT.

Charles Donald

Chief Executive Officer

Charles was appointed Chief Executive of UK Government Investments in March 2020, having joined in May 2018 as Head of the Financial Institutions Group.

Prior to this, he had spent his career in investment banking. After 19 years in both financing and equity research, in 2006 he moved into UK corporate advisory where he held a number of senior management positions.

Charles is the Head of the Government’s Corporate Finance Profession.

Current additional appointments:

  • Non-Executive Director of the UK Infrastructure Bank in Leeds
  • Chair of the Working Party on State Ownership and Privatisation Practices at the OECD in Paris
  • Trustee of Help for Heroes, the charity that helps the Armed Forces community live well after service

Michael Harrison


Michael Harrison joined UK Government Investments in March 2009. Michael has worked on a range of projects across government including asset sales and financial interventions by Government across a range of sectors. He has also undertaken a number of NED roles.

He has a broad international corporate advisory background having spent his previous eight years before joining government as an executive director in Australia working for independent corporate finance advisor Greenhill Caliburn.

Prior to that Michael spent 12 years in investment banking with CSFB and BZW in both London and Europe. He started his career as an accountant at PwC.