Paul Myners was named chairman of U.K. operations and partner at active ownership hedge fund Cevian Capital, said Harlan Zimmerman, senior partner, in an interview.
Mr. Myners will assist in making decisions regarding investments in portfolio companies. His role is not ceremonial, nor will he deal with marketing, Mr. Zimmerman said.
Mr. Myners was financial services secretary to the treasury in the government of former Prime Minister Gordon Brown, leaving that position in 2010. In 2001, Mr. Myners developed best-practice guidelines for U.K. institutional investment that have come to be known as the Myners Principles. He was also chairman of Gartmore Investment Managers from 1987 to 2001.
“Understanding and, in some cases, impacting boardroom dynamics is at the heart of what we do,” Mr. Zimmerman said. “Paul's considerable experience will be a valuable addition in that regard. This is important both for analysis of companies' improvement potential, as well as working with companies to unlock it.”
“Cevian's approach embodies many of the principles that I believe are important not only for successful investing, but for society to maximize economic value from its capital and corporate assets,” Mr. Myners said in a Cevian news release. Efforts to reach him were unsuccessful.
He was named a life peer in the House of Lords in 2008.
Mr. Myners will continue to serve as chairman of Autonomous Research LLP and Justice Holdings PLC, and as a director of RIT Capital Partners PLC.
Cevian's U.K. portfolio companies include Old Mutual, and heating and plumbing products distributor Wolseley.