Our Senior Team

Tom Aldred, Executive Director

Tom joined UKGI in May 2018 and is leading the team managing the government’s shareholding in the Post Office. Tom previously led the Growth Economics team at HM Treasury. His work included detailed analysis of the UK’s growth performance and the priorities for economic reform. He led the development of the framework for long run growth in the government’s Productivity Plan of July 2015. He previously worked at DCLG and Cabinet Office, with a particular focus on housing and urban policy. Tom has been a member of the Government Economic Service since 2003.

Carolyn Battersby, Executive Director

Since joining UKGI (formerly ShEx) in July 2011, Carolyn has worked on NATS, the sale of Eurostar and Network Rail asset sales.  Previously Carolyn was at Tesco focussed on corporate finance and strategy.  Prior to this she worked at The Prince’s Trust on the programme supporting young people starting up in business.  Carolyn began her career in finance at Schroders and then Permira.

Richard Callard, Executive Director

Richard joined the Shareholder Executive (now UKGI) in 2009 from Deloitte’s corporate finance practice, where he advised the public and private sectora on infrastructure projects and other public private partnerships.

Richard currently leads the Post Office Shareholder team, and has been a NED on the Post Office Board since 2014.  He also co-leads the team setting up the Geospatial Commission.  Previously Richard led UKGI’s team overseeing Government’s shareholding in the Green Investment Bank, and also led the establishment of one of the UK’s largest employee shares schemes during the privatisation of Royal Mail.

Jamie Carter, Executive Director

Jamie has worked as an Executive Director for UK Government Investments since October 2016, where he leads the teams managing the government’s shareholding in the British Business Bank and the Nuclear Decommissioning Authority.  He has also sat on the board of The Royal Mint since September 2017.

Prior to joining UKGI he spent more than 10 years at HM Treasury where he specialised in public spending, including being involved in several spending reviews and leading the HMT oversight of major transport investments. During this period, Jamie took a 2 year career break to work as a Governance Specialist at the World Bank based in Jakarta.

Jonathan Gorrie, Executive Director

Jonathan joined UKGI (formerly ShEx) in 2015 and leads on Defence as part of the UKGI:MoD Joint Unit. Previously he led the inaugural income contingent student loan sale on behalf of DfE. Prior to joining UKGI, Jonathan was a portfolio manager in the Alternative Investment Group at BlackRock, where he was responsible for making illiquid credit investments primarily in infrastructure and energy assets. He was a founding member of the BlackRock Infrastructure Debt Group, helping to establish the platform and to raise in excess of $4bn of investment capital from institutional investors. Jonathan began his career at ING Barings in the Energy, Transport, and Infrastructure Group where he was responsible for originating and executing structured finance transactions across a wide range of sectors including shipping, telco, core infra, and oil and gas.

Hannah Gray, Executive Director

Hannah joined UKGI Special Situations in 2017.  The special Situations team are sector and restructuring/insolvency experts who focus on sectors and corporates where there is the risk of economic shock impact to major employment or assets of national interest.  Hannah has provided debt and balance sheet advice to stressed and distressed corporates since 2001. She is a highly experienced advisor, having worked on a wide range of projects covering strategic balance sheet reviews, recapitalisations, debt-for-equity swaps, creditor representation, covenant renegotiations, securitisation advisory, high yield bond issuance, rights offerings, private debt placements and stressed M&A.  Hannah is a FCA and has previously worked for Deloitte, UBS, Rothschild and PwC.

David Long, Executive Director

David Long joined UKGI in September 2013 where he has worked on a range of transactions and assets including Electricity Market Reform, Hinkley Point C and the Nuclear Decommissioning Authority. He is also a non-executive director of the Low Carbon Contracts Company and the Electricity Settlements Company. His professional experience covers a range of commercial and financial roles in the energy sector, most recently at UBS Global Asset Management (2004-12) where he was responsible for investment in European utility, infrastructure and chemical companies. Prior to this, he was a project director at AES Corporation (1999-2004) developing greenfield power projects in Europe, leading on contract negotiations and project financing. David started his career in finance at NM Rothschild (1993-1999), providing corporate finance advice in the natural resources and utilities sectors.

Roger Lowe, Director

Roger joined UK Government Investments as a Director at its creation on 1 April 2016. Prior to that, he was a Director for the Shareholder Executive which he joined in May 2010.

Before joining the Shareholder Executive, Roger was a Director of a corporate finance advisory business focussed on advising clients on acquisitions and disposals, joint ventures and corporate restructurings.

Prior to this he worked in industry as Group Director of Corporate Finance at TI Group plc, a global engineering company. Roger started his career in Investment Banking at Lazard where he spent 11 years in corporate finance, including two years on secondment to Lazard Frères in New York.

Martin Madsen, Executive Director

Martin joined UKGI in February 2018 and his current focus is the shareholdings of HM Treasury in RBS and UK Asset Resolution (UKAR). Prior to joining UKGI, Martin spent more than 10 years in investment banking, predominantly within the UBS Financial Institutions Group and more recently at specialist M&A advisory firm Quayle Munro where he focused on advising specialty finance and Fintech firms.

His corporate finance experience includes a broad range of M&A transactions, equity raisings and corporate advisory roles across sub-sectors such as banking, insurance and specialty finance. Prior to joining UBS’s FIG team Martin worked for two years on the fixed income sales and trading floor.

Justin Manson, Deputy Chief Executive   

Justin joined UK Government Investments as a director at its creation on 1 April 2016. Before that, he was a director in the Shareholder Executive which he joined in June 2015. Previously he was an investment banker at Morgan Stanley for 20 years and before that at CSFB and First Boston for 8 years. He has corporate finance, mergers and acquisitions, and capital markets experience across numerous industries and was based in London, New York, Tokyo and Mexico City. He has been an adviser to governments and state-owned companies. He is a former trustee of the Royal National Theatre Foundation and the Chelsea Academy Foundation.

Tim Martin, Executive Director

Tim joined UKGI (formerly ShEx) in 2005  following a long career in investment banking and five years at the Office of Rail Regulation as Director of Economics and Finance. Tim began his career as a corporate lawyer with Allen&Overy where he worked on a variety of corporate transactions, including  public sector investment and financing. As an investment banker, Tim advised either Government and industry on many of the main utility privatisations, as well as a number of M&A transactions.

In ShEx, Tim initially advised on setting up the governance arrangements for the publicly-owned water companies in Scotland and Northern Ireland and a number of commercial transactions, including major land sales for the Nuclear Decommissioning Authority. Until recently he sat on the Board of the Royal Mint and sits as on several project boards across Government. He is currently advising on some major financial issues for Government relating to the oil and gas and steel industries and is a member of the UKGI specialist corporate governance group.

Madelaine McTernan, Executive Director

Maddy joined UKGI in 2017.  Prior to that she was a Managing Director and Head of UK M&A at Credit Suisse. Maddy worked on a broad range of strategic advisory mandates through her investment banking career with a focus on cross border M&A.  Prior to her 10 years at Credit Suisse, she worked in Lehman Brothers’ UK Investment Banking team and before that was a corporate lawyer at Freshfields.  Maddy was an Honorary Senior Visiting Fellow in the Faculty of Finance at Cass Business School between 2013 and 2016.  She holds a law degree from Trinity College, Cambridge.

Candida Morley, Director

Candida joined UK Government Investment in October 2017.
Candida was previously at HgCapital where she was an Operating Partner. Between 2001 – 2015 she worked at private equity fund LDC (where her roles included Chief Portfolio Offer and Chief Operating Officer), prior to which she worked at Elementis plc, 3i plc and as Director of Development at the Victoria and Albert Museum.

Rachel Mortimer, Chief Operating Officer

Rachel joined the Shareholder Executive in April 2011 and became Chief Operating Officer in October 2014. She led the Shareholder Executive’s transition to UK Government Investments, and continues as its COO.

Prior to this she spent four years as a corporate lawyer at Herbert Smith Freehills, and four years as In-House Counsel and then Chief Operating Officer at a private equity fund. Rachel has worked on a number of transactions, including acquisitions, joint ventures and corporate restructurings. More recent experience includes transformation, change management and organisational design and development.

Peter Norton, Director

Peter joined the predecessor to the UKGI Financial Institutions Group, UKFI in March 2014 and was appointed to the role of Head of Banking & Capital Markets in April 2016. Before joining UKFI Peter worked in Investment Banking at UBS, where he advised UK and European Financial Institutions on a variety of strategic and capital markets transactions. Prior to UBS Peter started his investment banking career at Lehman Brothers having previously qualified as a chartered accountant with Ernst & Young in London. Peter is a member of the Institute of Chartered Accountants of Scotland.

Peter joined the Boards of UKAR, B&B and NRAM in April 2017 after being appointed by UKFI to manage HM Government’s shareholdings in the UKAR companies.

Elizabeth O’Neill, General Counsel

Before joining UKGI, Elizabeth spent five years in private practice as a contentious EU/antitrust specialist at a city law firm (Freshfields Bruckhaus Deringer) and then thirteen years in the civil service. As a government lawyer, she initially worked at the OFT (now the CMA), acted as the United Kingdom’s representative before the European Courts and then joined the Department of Business, Energy and Industrial Strategy, where she led the team of lawyers advising on large projects involving government funding injections, such as setting up the Green Investment Bank and the British Business Bank. She joined UKGI on 5 September 2016. Elizabeth has tutored EU law to final year students at Christ College Cambridge and wrote a practitioner textbook on UK competition procedure, published with Oxford University Press in 2007.

Anna Payton, Executive Director

Anna Payton joined UKGI (formerly ShEx) in October 2012. Anna began her career as a project finance lawyer at Allen & Overy, specializing in PFI and energy infrastructure transactions. Her professional experience following this included commercial and financial project finance roles in the energy sector, both as a fund manager for an energy and infrastructure fund in Zurich, and prior to that as a commercial manager in the corporate venturing arm of the Carbon Trust.  Whilst at UKGI, Anna’s has worked in particular with the former department DECC on delivery structures for renewable energy incentives, and latterly has been leading UKGI’s housing work with MHCLG as well as advising DfT on alternative rail network delivery.  Anna also leads on aspects of UKGI’s internal corporate governance practice

Robert Razzell, Chief Financial Officer

Robert Razzell joined UKGI in September 2016. Prior to this he was head of finance at the London Legacy Development Corporation, the body responsible for the Olympic Park and its legacy, having previously been head of finance at the Olympic Delivery Authority, the entity responsible for delivery of the venues and infrastructure for the London 2012 Olympics.

Before this Robert had spells working in central and local Government, having completed qualifications at PwC.

Alex Reeves, Executive Director

Alex joined UK Government Investments (formerly the Shareholder Executive) in January 2010, and has worked on a variety of corporate finance projects, including real estate and investment portfolio sales, and government investments in the aerospace and steel sectors. He currently leads on inward M&A, Royal Mail pension assets and other corporate finance projects. He is a Non Executive Director of London & Continental Railways Limited, and runs UKGI’s NED Forum.

Prior to joining UKGI, Alex spent over ten years in corporate advisory and investment banking roles focused on the financial services sector, most recently in the FIG Merger and Acquisitions (M&A) Team at Jefferies in London. During this time, he advised on and managed a large number of UK and cross-border M&A transactions for UK, European and US clients, with a particular focus on the asset management sector.

Mark Russell, Chief Executive

Mark Russell was appointed Chief Executive of the Shareholder Executive (now UK Government Investments) in April 2013. Mark joined the Shareholder Executive as head of its Corporate Finance Practice in November 2004 and was appointed Deputy Chief Executive in April 2008.

Previously Mark was a partner in the corporate finance departments of KPMG London and KPMG Frankfurt. Prior to this Mark worked at PwC Corporate Finance and Robert Fleming & Co., Lazard Brothers and A.T. Kearney.

Ceri Smith, Director

Ceri joined the Shareholder Executive as a Director in June 2013 to lead on the creation of the British Business Bank, and has continued to act as the Shareholder Representative Director through the transition to UKGI. He also looks after a number of other portfolio assets, including Ordnance Survey, HM Land Registry, Companies House and latterly, Homes England.

Ceri started his career in HM Treasury where he worked in a range of areas including financial services and tax policy for over ten years. Immediately prior to joining the Shareholder Executive, Ceri was Labour Market Director in the Business Department, responsible for the UK’s employment law framework.

Holger Vieten, Director

Holger joined UKGI in May 2018 as Head of Banking & Capital Markets of UKGI’s Financial Institutions Group. He has spent over 20 years advising UK and European financial institutions on a broad range of mergers and acquisitions, capital markets and restructuring transactions. Before joining UKGI Holger was an investment banker at Moelis & Company for 8 years and previously at Morgan Stanley for 7 years having started his career at Credit Suisse.

Ed Westhead, Executive Director

Ed Westhead joined UKGI in June 2015 as an Executive Director and led preparations for the first ICR student loan sale for 2 years. His current focus is on projects with the Department of Health & Social Care as well as advising BEIS on the aerospace sector.  He is also a non-executive board member of Companies House. Prior to joining ShEx, Ed spent thirteen years in corporate finance with Macquarie in Sydney and London, advising on M&A, capital raising and private equity investment, primarily in the financial institutions sector. Before Macquarie, Ed worked for BAE Systems, initially as an engineer with BAE Airbus and then in corporate development / M&A roles at the corporate head office and for BAE’s Australian operations.

Chad Woodward, Executive Director

Chad Woodward joined UKGI (formerly ShEx) in February 2016 for the second time, having worked with us in 2010.  Since rejoining, Chad has worked on a number of assets and he is now leading work on the student loan sale programme.  Previously, Chad spent eight years in customer management, category operations and marketing at Unilever.  He then joined HM Government and spent a further ten years working in the Cabinet Office/BIS on regulatory reform policy, ShEx on asset sales, and the Foreign Office on trade and investment.  Immediately prior to rejoining UKGI, Chad was posted to the British Embassy in Beijing.