Annual General Meeting
At the Annual General Meeting of 3i Group plc, to be held at 10.30 this morning, Sir Adrian Montague, Chairman, will comment:
"As we said at the time of our Annual results in May, we are delighted to announce the appointment of Simon Borrows as Chief Executive of 3i. Prior to being appointed Chief Executive, Simon was Chief Investment Officer and a member of the Board of 3i since October 2011.
"As Chief Investment Officer, Simon made a significant positive impact, bringing a fresh focus and discipline to 3i''s investment processes. Since becoming Chief Executive, Simon has led a detailed strategic review of the Group and today he will set out the key components of 3i''s future strategy and vision."
On 17 May 2012, at the presentation of 3i''s annual results to 31 March 2012, Simon Borrows, Chief Executive of 3i, set out the key areas of immediate focus for his strategic review of the business:
- Determining the best shape and investment strategy for the business going forward;
- Improving the consistency and discipline of the Group''s asset management approach and ensuring that the Group''s investment capabilities are of a high quality; and
- Ensuring that the operating cost base and liquidity costs are consistent with the Group''s investment and asset management strategy and with the prudent maintenance of the balance sheet.
During today''s Annual General Meeting, Simon Borrows will set out the key components of 3i''s future strategy and vision, including the immediate steps 3i is taking to significantly reduce costs.
3i''s vision is to be a leading international investor in private equity, infrastructure and debt management, and to deliver top quartile cash investment returns over the longer term. Over time, 3i aims to generate more third-party income through the raising of further third-party funds.
The Annual General Meeting will be held at 10.30 today at The Queen Elizabeth II Conference Centre, Broad Sanctuary, Westminster, London, SW1P 3EE.
A presentation for analysts and investors will be held at 13:15 today at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. The presentation will be audio cast live on www.3iGroup.com.
Registration for the audio cast will be available from 12:30 today.
The principal purpose of the meeting is for 3i to present its new strategy as it relates to its investment strategy, asset management, operating costs and balance sheet.
For further information, please contact:
Kathryn van der Kroft
PR Director, 3i Group plc
Tel: 020 7975 3021
Notes to editors
About 3i Group plc
3i is an international investor focused on private equity, infrastructure and debt management, with operations in Europe, Asia and the Americas. As at 31 March 2012, 3i had total assets under management of £10.5 billion, including £6.3 billion advised or managed on behalf of third parties.
About Simon Borrows
Simon Borrows is Chief Executive of 3i Group plc. Prior to being appointed Chief Executive, he was Chief Investment Officer and a member of the Board of 3i Group plc since joining the Company in October 2011. Prior to joining, he was Chairman of Greenhill & Co. International LLP, having previously been Co-Chief Executive Officer of Greenhill & Co., Inc., a leading independent investment bank listed on the New York Stock Exchange. Before founding the European operations of Greenhill & Co. in 1998, he was the Managing Director of Baring Brothers International Limited. He is also a non-executive director of The British Land Company plc and of Inchcape plc.