Source: Telegraph

Former BP chief executive Lord Browne joins Stanhope Capital

Lord Browne of Madingley, the former chief executive of BP, is to chair the newly-formed advisory board of Stanhope Capital, in a move which reflects the size of the boutique wealth manager's ambitions.

The life peer, who stood down from the oil giant in May 2007, joins as the six-year-old London-based firm aims to increase its international presence at the same time as enhancing its appeal to charities and endowments as well as private clients.

Stanhope, which manages several billion dollars invested on behalf of private clients, family offices and charities and endowments, was set up by Daniel Pinto and Julian Sevaux in 2004.

The pair, both former investment bankers at UBS and Lehman Brothers respectively, started the firm with the aim of offering clients a different type of investment opportunity, choosing not to launch any of its own products, and co-investing partners' own money alongside that of clients.

Lord Browne, who is also managing partner of energy-centric private equity firm
Riverstone Holdings, will chair the three-man advisory board, the other two members of which are currently being finalised.

As well as advising the founders on how to best manage the firm as it grows, he will help in its development by acting as a beacon for new investors, both in the world of business, and in the worlds of the arts and charity where he is as equally connected. "He is one of the very few British businessmen who's become a global brand," Mr Pinto told The Sunday Telegraph, "and that's very helpful to us."

Almost 50pc of Stanhope's clients hail from the UK, but the firm is keen to expand its international reach, particularly into the BRIC countries – Brazil, Russia, India and China. At the same time, while around three-quarters of funds invested with Stanhope hail from private clients – either entrepreneurs or family offices – Messrs Pinto and Sevaux are keen to increase the amount of money they manage from charities and educational trusts.

Current charitable clients include the Institute of Cancer Research and the Vintners, one of the City of London's livery companies.

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