This year’s FN100, Financial News’ 11th annual list of the 100 most influential people in European capital markets, features Jonathan Hill, European Commissioner, in the number one slot. In his first appearance on the list, Hill bumps down Mark Carney, Governor, Bank of England and Chairman, Financial Stability Board into second place.
Jonathan Hill’s place at the top of this year’s list demonstrates how central a role regulation continues to play in the industry, with 2015 marking the fifth consecutive year that a regulator has headed the list. Mario Draghi had previously headed the list for three years.
“Like it or not, regulators and policy makers remain the people who have the most power in financial markets”, said Gren Manuel, editor, Financial News. “There’s still little sign that bankers, fund managers and people who run markets have regained the high level of power and autonomy that they enjoyed before the crisis.”
Charged with creating a European capital markets union, Hill is not only responsible for ensuring financial stability, but also with creating jobs and boosting growth, and will play a key role in revising the Markets in Financial Instruments Directive alongside the European Securities and Markets Authorities.
Mark Carney, though now down in second place, continues to have considerable influence as head of a powerful central bank and chairman of the Financial Stability Board.
There is increasing stability to this year’s FN100, with just 32 names missing from the previous year’s list. This “churn rate” is down on last year, when there were 38 names missing, and significantly down on the peak in 2009 when there was a churn rate of 75 names.
This year sees the return of Carsten Kengeter, the former co-chief executive of UBS’s investment bank, who became the new chief executive of Deutsche Börse Group in 2015. Similarly, Neil Woodford, the ex-Invesco Perpetual head of investment, has been recognised again for his phenomenal success in attracting money since he set up his eponymous Oxford-based boutique in 2014.
There are a number of notable new additions to the FN100, including Karl-Georg Altenburg, who became European co-head of corporate finance at Deutsche Bank, and Ros Altmann, who has been charged with overseeing the UK government’s radical pensions reforms.
Also included on this year’s list is Helena Morrissey, chief executive of Newton, who became chair of the Investment Association in mid-2014. Morrissey is a founder of the 30% Club, which aims to increase the proportion of women on FTSE 100 boards, and while the FN100 Most Influential list remains far from that rate, there has been some small progress. This year, there are 12 women on this list; its highest level to date.
Notable names not featured in this year’s list include Rob Rankin, the former co-chief executive of Deutsche Bank’s corporate banking and securities unit, who left at the beginning of 2015, and two retirees; Reto Francioni, the long-serving chief executive of Deutsche Börse, and David Wright, the secretary-general of umbrella regulator Iosco, who is set to stand down at the start of 2016.
FN100 2015 —THE TOP 10
- Jonathan Hill, European Commissioner
- Mark Carney, Governor, Bank of England and Chairman, Financial Stability Board
- Daniel Pinto, Co-Chief executive of corporate and investment banking, JP Morgan
- Richard Gnodde, Co-CEO, Goldman Sachs International; Co-head of global investment banking, Goldman Sachs
- Steven Maijoor Chairman, European Securities and Markets Authority
- Mario Draghi, President, European Central Bank
- Samir Assaf, CEO of global banking and markets, HSBC
- Michael Dobson, CEO, Schroders
- Xavier Rolet, Chief executive, London Stock Exchange Group
- David Harding, Winton Capital