Under-pressure 3i appoints new CEO – MoneyWeek

Afinaldividendpershare(DPS)of5。

4p(inadditiontotheinterimDPSof2。

7p)bringthetotalDPSto8。

1p,125%upyear-on-year。

Additionally,theboardhasdecidedtofurtherstrengthenitsdistributionpolicyinordertogiveshareholdersadirectshareinthesuccessofthegroupsrealisationactivitiesbyadoptingapolicyofreturningashareofgrosscashrealisations。

NewCEO

3ialsoannouncedtodaythatithasappointedSimonBurrows,currentlyChiefInvestmentOfficer,asitsnewChiefExecutiveOfficer(CEO)withimmediateeffect,followingtheannouncementofMichaelQueensdepartureattheendofMarch。

Priortojoining3iBurrowshadservedasChairmanandCo-CEOatGreenhillCo,anindependentinvestmentbanklistedontheNewYorkStockExchange。

BeforefoundingtheEuropeanoperationsofGreenhillCoin1998,hewastheManagingDirectorofBaringBrothers。

Heisalsoanon-executivedirectorofTheBritishLandCompanyandofInchcape。

Burrowscommented:3ihasagreatbrandandastronglong-termtrackrecordofinvesting。

Whilstthereareclearchallengesahead,particularlyinlightofthecurrentuncertainmacro-economicenvironment,Iamcommittedtoimprovingtheperformanceof3iandmaximisinglong-termshareholdervalue。

ReturnsandAUMdecline

Forthe2011-12fiscalyear,thegroupsaidthattheperformanceinPrivateEquitywasoffsetbyacontinueddragonreturnsfrompre-creditcrisisinvestmentsandthevalueofitslargestAsiaasset,reinsurancebusinessACR,wasaffectedbynaturaldisasters。

Thesefactors,togetherwiththeimpactofeconomicuncertaintyonboththemultiplesusedtovaluetheportfolio,aswellastheearningsusedforvaluations,adversemovementsoncurrencyandpensions,meantthatourtotalreturnfortheyearwas£(656)m。

Thiswasadisappointingresultinthelightoftheprogressthatwehavemadeandourpotentialforthefuture,saidoutgoingCEOQueen。

ThereturnintheyearendedMarch31st2011wasapositive£324m。

TotalAUMdroppedfrom£12。

7bnto£10。

5bnduringtheperiod,reflectingthefallinEurofundVAUM,netdivestmentactivityanda£249mreductionduetotheweakeningofsterlingagainsteuro-denominatedfunds。

Asfortheeconomicoutlook,Montaguesaid:Itisclearthatuncertaintiesovertheenvironmentremain,especiallywithrespecttotheEurozone。

ItisearlydaysbuttheperformanceofourrecentPrivateEquityvintagesismoreencouraging,ascanbeseenfromtheadditionaldisclosurethatwehaveprovidedontheportfoliothisyear。

3i,whichownstheAgentProvocateurandEarlyLearningCentrebrands(amongstahostofothers),hasseenitssharesfall37%inthelast12months。

Sharesrose1。

55%to182。

39pinearlytradingonThursday。

BC/BS

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