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LCH make senior hires ahead of LSE deal
May 11, 2012 / 10:19 AM / 6 years ago

LCH make senior hires ahead of LSE deal

LONDON, May 11 (Reuters) - European clearing house LCH.Clearnet has made two senior hires in London to spearhead growth ahead of its planned acquisition by the London Stock Exchange at the end of the year.

LCH said on Friday it has hired Dennis McLaughlin into the new role of Group Chief Risk Officer from risk management specialist AON, where he was the head of analytics.

The Anglo-French clearer has also hired Magnus Spencer as Group General Counsel, replacing incumbent Iona Levine, who is set to leave LCH in the coming weeks.

Spencer was latterly the head of European counsel at Barclays Capital, where he worked with LCH Chief Ian Axe before Axe joined LCH from Barclays a year ago.

McLaughlin, formerly a maths professor at Princeton University, joins LCH on Monday, while Spencer will take up his post “in the next month”, according to a source close to the firm.

“Dennis’ appointment into this important position further demonstrates investment by LCH.Clearnet in the critical area of risk management as we expand our business to meet our clients’ needs,” said Axe.

Axe, a former managing director at Barclays Capital, is keen to turn LCH, which is owned by its clients, into a more commercially minded operation and is currently working on a radical transformation plan at LCH.

The appointments came a month after LCH and LSE shareholders voted emphatically in favour of the LSE’s plan to buy 60 percent of LCH, valuing the company at 813 million euros ($1.1 billion).

The partners expect the deal to close in the fourth quarter of this year.

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