The Marlborough Group has added an additional a third independent non-executive director to its fund and outsourced authorised fund manager boards in a move to comply with Financial Conduct Authority requirements.
Sarah Peaston (pictured) joins the Marlborough Fund Managers and IFSL Fund Services boards alongside former interim Investment Association CEO Guy Sears and David Kiddie. Marlborough Fund Managers is the internal ACD for Marlborough funds, but also acts as an outsourced ACD to several funds, primarily due to longstanding historical arrangements.
Sears joined the board in April 2017 while Kiddie joined at the end of 2018, well ahead of FCA regulations that came into force on 30 September 2019 requiring AFM boards to have two independent directors or a board that is at least 25% independent.
Peaston was a required hire in order to meet the 25% threshold.
Marlborough Group managing director Wayne Green said it wanted expertise in regulation and governance, investor representation and investment management on its boards. Green thought the trio would “provide exactly the sort of input and challenge that investors and the regulator would expect from independent non-executive directors”.
In a press release, he said: “The selection process has been a lengthy one because we were determined to appoint genuinely independent non-executive directors who were new to the group.
“We wanted individuals with the skills and experience to bring fresh insights and perspectives and who would be more than comfortable challenging our thinking whenever necessary.”
Peaston worked in senior regulatory control change management at both Citi and Barclays Capital Securities before founding Regulatory Governance Consulting.
She has also worked Goldman Sachs and Societe Generale.
“One of the other great strengths of the group is the way it hangs on to talented people at all levels and I’m very pleased to join what are already strong boards with a real depth of expertise and experience in the funds industry,” she said.
