Our Senior Team
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.
Tom Cooper, Director
Tom Cooper joined UK Government Investments in October 2017.
Tom was most recently Global Co-Chairman of M&A at Deutsche Bank where he worked from 2009 – 2017. He started his career at KMPG and was at UBS Investment Bank for 21 years where his various roles included Head of European M&A.
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.
Michael Harrison, Director
Michael Harrison joined UK Government Investments in March 2009 and has worked on a range of projects across government including interventions into the UK Motor Sector and the sale of UK student loans . Michael has also undertaken a number of NED roles. He was on the Board of the company managing and realising Royal Mail pension fund assets. He currently is an observer on the board of Network Rail, a Non Executive Director of Porton Biopharma and sits on the investment committee of the Charity for Civil Servants.
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.
Oliver Holbourn, Director
Oliver Holbourn was appointed to the role of Chief Executive of UK Financial Investments (UKFI) on 1 April 2016. Oliver joined UKFI in 2013 as Head of Capital Markets and was subsequently made Head of Market Investments during 2014. Before joining UKFI Oliver worked at Bank of America Merrill Lynch for 13 years, where he undertook various roles including head of equity syndicate for Europe and head of UK equity capital markets origination. Oliver holds a law degree from Oxford University.
Laura Kiddoo, Executive Director
Laura joined UKGI from the Treasury in December 2017, and works in its UK Financial Investments subsidiary on RBS and UK Asset Resolution.
Prior to joining UKGI Laura worked in HM Treasury as the Chancellor’s Private Secretary, covering Europe, financial services and asset sales. Before this Laura held various policy roles in HM Treasury, the Cabinet Office and HM Revenue and Customs, was an economist at the US Department of State and an analyst at Bloomberg.
Henry Lloyd, Director
Henry Lloyd joined UK Government Investments in June 2015. Henry has spent over twenty-five years in European corporate finance and mergers and acquisitions. He has worked in the UK investment banking teams at JPMorgan, CSFB and BZW where he started as a graduate trainee. Before joining ShEx, he worked as the European head of a small international corporate finance advisory firm based in New York.
He has advised clients on a large number of transactions in a variety of sectors and regions, advising both public and private companies on mergers-of-equals, minority and joint venture buy-outs, friendly and hostile acquisitions, disposals, management buy-outs and debt restructuring. Since joining government, Henry has worked on the governance arrangements for Urenco, represents Department of Business, Energy and Industrial Strategy on the board of The Insolvency Service and has advised the Ministry of Defence on the establishment of a new Executive Agency for the delivery of the submarine programme.
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, Director
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 trustee of the Chelsea Academy Foundation and has been a trustee of the Royal National Theatre 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 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.
Conrad Smewing, Director
Conrad joined UKGI from the Treasury in February 2017, and works in its UK Financial Investments subsidiary on RBS and UK Asset Resolution. Prior to joining UKGI he had worked in HM Treasury for 14 years, where he was Principal Private Secretary to the Chancellor. His previous experience includes policy work on the Private Finance Initiative, the privatisation of the Royal Mail, fiscal policy, public spending and growth policy.
Ceri Smith, Director
Ceri joined UK Government Investments as a Director at its creation on 1 April 2016.
Previously, Ceri joined the Shareholder Executive in June 2013 to head the Business Bank and PDG Unit.
Ceri previously spent over 10 years working in HM Treasury, and has worked in Brussels with the Foreign Office and with the DTI’s Small Business Service. Immediately prior to joining the Shareholder Executive, Ceri was Labour Market Director in BIS, responsible for the UK’s employment law framework.
Jonathan Walker, Executive Director
Jonathan joined UKGI (formerly ShEx) in July 2013 as an Executive Director and has worked on a number of portfolio assets, including CDC, HM Land Registry, LCR, Royal Mail and on Student Loans monetisation. He also coordinated the Board of the National Nuclear Laboratory Limited.
Prior to joining the Shareholder Executive, Jonathan spent sixteen years in Corporate Finance and Corporate Broking at JPMorgan Cazenove, Merrill Lynch and Oriel Securities, based in London. During his career Jonathan has advised on a broad range of UK and cross-border Corporate Broking, Capital Markets and M&A assignments, with a particular focus on the Industrial, Natural Resources and Support Services sectors.
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.