Resolution strengthens its capability with new partner appointments

Elizabeth Gilbert was a Managing Director and Co-head of the European Financing Group for Financial Institutions at Goldman Sachs.  Jon Hack was a Managing Director and Head of the UK Financial Institutions Group at Lazard.  He also coordinated Lazard's European Financial Institutions Group.

Elizabeth and Jon have worked closely with the team over the past five years.  Their extensive financial services experience, underpinned by their wide range of investor and corporate relationships, will enhance Resolution Limited's ability to acquire and restructure financial services businesses in the UK and Europe.  They will undertake a range of activities, including working with investors to facilitate the direct placing of equity and debt with institutions in connection with larger scale transactions.

Commenting on their appointments John Tiner, CEO, said:

"Liz and Jon are fantastic additions to our team. They bring to our business a wealth of experience in funding, liquidity and risk management transactions and identifying, negotiating and closing M&A deals across the landscape of international financial services. They have led industry defining transactions.  These appointments underline our long term commitment to working directly for investors, realising value from their investments in the financial services industry".

Elizabeth Gilbert said:

"I am very pleased to be joining the team at a time where there is significant opportunity to buy, restructure, and optimise assets in the financial services industry. As the capital markets continue to evolve, having direct access to different levels in the capital structure, including the use of hedging and risk management tools to release capital, will further our ability to create value for public market shareholders".

Jon Hack said:

"I have worked with the team since 2003 and have great admiration for them. I believe there are significant opportunities for public market investors to achieve greater value from the necessary restructuring of their investments in the financial services industry.  Resolution Limited is ideally placed to act as a trusted catalyst for this restructuring."

Enquiries:

John Tiner, Resolution Operations                       +44 (0)20 7016 9091

Alex Child-Villiers, Temple Bar Advisory               +44 (0)7795 425580

Notes to Editors

Elizabeth Gilbert

Elizabeth Gilbert was a Managing Director and Co-head of the European Financing Group for Financial Institutions at Goldman Sachs. Her primary focus was asset and liability management, structured capital raisings and insurance linked securities.  Specifically, Elizabeth's experience includes:

Strategic M&A financing- arranging the financing for Resolution plc's £3.6bn acquisition of Abbey's Life businesses which included both short and long term debt combined with a rights issue.

Risk-management - including various hedge restructurings implemented to reduce risk, release capital, and reflect current market conditions.

Insurance Linked Securities- the securitisation of cashflows arising from life insurance, as well as insurance risk to provide catastrophe protection for general insurance.

Prior to joining Goldman Sachs in 2004, Elizabeth worked at Deutsche Bank, initially in Investment Banking before moving into Global Markets, as well as William Mercer as a trainee actuary.

Jon Hack

Jon Hack was a Managing Director and Head of the UK Financial Institutions Group for Lazard.  His primary focus was advising on M&A transactions across the banking, insurance and asset management sectors in Europe.  Specifically, Jon's experience includes:

Strategic M&A in banking consolidation- including transactions for Lloyds TSB, Barclays, HBOS, Halifax, and NAB UK.

Life insurance restructurings -including for Resolution plc through 5 acquisitions in 3 years, and for Legal & General, Old Mutual, Halifax and the IPO of Hansard.

Asset Management consolidation- including advising Barclays on its disposal/merger of BGI with Blackrock and Electra on its hostile bid defence from 3i.

Prior to joining Lazard in 1994, Jon qualified as a Chartered Accountant with Price Waterhouse.

The Resolution Group

"The Resolution Group" is the collective name for Resolution Capital Limited, Resolution Operations LLP and Resolution Financial Markets LLP. 

Resolution Capital Limited facilitated the creation and initial public offering of Resolution Limited.

Resolution Operations LLP is an FSA authorised UK limited liability partnership which is currently actively engaged in evaluating opportunities in the UK life assurance and asset management sectors for Resolution Limited.

Resolution Financial Markets LLP may, in due course, provide services to Resolution Limited which are not currently provided by Resolution Operations LLP under its operating agreement with Resolution Limited.

Elizabeth and Jon will split their time working across the Resolution Group entities.

Lazard will continue to provide strategic advice to the Resolution Group.

Resolution Limited

Resolution Limited is a Guernsey registered company with a secondary listing on the Official List of the UK Listing Authority which has outsourced most of its operating functions to Resolution Operations LLP.