Aristocrats rule FSI panel
Four well-connected stalwarts of the global financial system will serve on the international advisory panel for the Financial System Inquiry. Treasurer Joe Hockey announced the four yesterday.Only one name was previously reported: David Morgan, the head of private equity group JC Flowers in Europe and Asia Pacific. Morgan was previously chief executive at Westpac.The best-connected of the four may be Michael Hintze, a self-made UK aristocrat and key donor to the Tory party. Hintze was raised in Australia, joining the army after studying physics at university.Hintze is the founder and chief executive of asset management firm CQS. Prior to CQS, Hintze worked in senior roles at CSFB and Goldman Sachs. On one media account CQS was on the opposite side of the infamous JPMorgan trade by Bruno Iksil, nicknamed the London Whale, in which JPMorgan lost an estimated US$2 billion.Hintze was made a member of the Order of Australia in 2013 "for service to the arts, health, and education."The only woman on the panel is Jennifer Nason, global chair of technology, media and telecom investment banking at JP Morgan Chase.The final member, and the greyest-haired, is Andrew Sheng who held senior positions in the Hong Kong Securities and Futures Commission, the Hong Kong Monetary Authority and the World Bank.Sheng is chief adviser to the China Banking Regulatory Commission and a Board Member of Khazanah Nasional Berhad (the Government of Malaysia's strategic investment fund.)According to the profile on his academic website, Sheng serves as a member of the International Advisory Council of the China Investment Corporation, the China Development Bank and also on the Advisory Council on Shanghai as an International Financial Centre.