Abu Dhabi Global Market Appoints Sir Hector Sants as Chief AdvisorADGM FSRA 16/12/2014
Team of Global Financial Heavyweights Handpicked for Advisory and Senior Management Roles by ADGM.
Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, today announced the appointment of Sir Hector Sants as Chief Advisor effective immediately. Sir Hector will be advising the Chairman of ADGM, the CEO of ADGM Regulatorand senior members of the ADGM team.
Sir Hector will be applying his considerable expertise and providing advice to ADGM on various areas of business including formulation of its regulatory strategy, framework and rules, the provision of strategic guidance and input on ADGM’s overall development including policies, human capital build out and business development as well as engagement of key institutions.
Commenting on the appointment, Ahmed Ali Al Sayegh, Chairman of ADGM, said: “We are pleased to welcome Sir Hector to Abu Dhabi Global Market as our Chief Advisor. His understanding and experience of financial services are unrivalled and his advice and involvement at this stage will be invaluable in helping us towards the achievement of our ambition for ADGM. Sir Hector’s guidance will be instrumental in ensuring that ADGM develops as a truly global international financial centre supported by regulations, laws, practices and a highly qualified and seasoned team that meet the highest standards in the world.”
Sir Hector Sants said: “I am privileged to be a part of Abu Dhabi Global Market’s journey to become an international financial centre and I am looking forward to actively supporting this initiative. Abu Dhabi has the right components to become an important top-tier financial hub. Abu Dhabi has established a number of leading financial institutions, based in the Emirate and transacting business the world over. These components, combined with the Abu Dhabi’s positive reputation and strategic geographic location, provide the ideal basis for continuing the Emirate’s dynamic evolution as a prominent international centre for financial services.”
Sir Hector Sants served as Chief Executive of the UK Financial Services Authority (FSA) for five years and prior to that, he was Chief Executive of Credit Suisse EMEA. Sir Hector was also Head of Compliance, Governance and Regulatory Relations at Barclays Bank in addition to having held a number of non-executive positions in several regulatory authorities, including the Securities and Futures Authority and the London Stock Exchange.
Sir Hector will serve as Chief Advisor to ADGM until mid 2015, when he will become Vice-Chairman of Oliver Wyman, the international management consultancy, at which point his on-going involvement with ADGM may be extended if required and agreeable to both parties.
Today’s announcement follows the appointment last month of Richard Teng as CEO of the ADGM Regulator from his position as Chief Regulatory Officer of Singapore Exchange.