The Board of Directors

The Directors of the board, all of whom are independant of the John Laing Group and are non-executive, will be responsible for the overall management of the Company.

Paul Lester, Chairman
David MacLellan
Talmai Morgan
Christopher Spencer
Guido van Berkel

The Fund Managers

JLIF has a board of independent non-executive directors, with extensive, complementary experience in the sector. The board is chaired by Paul Lester, former chief executive of VT Group plc, and also includes David MacLellan, Talmai Morgan, Christopher Spencer, and Guido van Berkel. 

Investment advice will be provided to JLIF by John Laing Capital Management (‘JLCM’), a wholly owned subsidiary of John Laing.  JLCM has been authorised and regulated in the UK by the Financial Services Authority since December 2004. David Marshall and Andrew Charlesworth, both of whom are directors of JLCM and who lead its management team, will be dedicated to advising JLIF and the management of its holding entities (including as operator of the limited partnership though which JLIF will hold its investments).

 

The Board of Directors Back to top

Paul Lester (Chairman)

Paul Lester (British), a resident of the United Kingdom, aged 60, is chairman of Marine Current Turbines, the UK tidal energy company. Mr. Lester was chief executive of VT Group plc, the support services company, from July 2002 until its acquisition by Babcock International in July 2010.

Mr. Lester was group managing director of Balfour Beatty plc, the international engineering, construction and services group, from 1997 to 2002, and chief executive of Graseby plc from 1990 to 1997. Mr. Lester has also held senior management positions at Schlumberger and the Dowty Group plc. He is ex-president of the Society of Maritime Industries.

Mr. Lester is a non-executive director of Invensys plc and Chloride Group plc and is a visiting professor at Nottingham Trent University. He is a member of HM Treasury’s Major Projects Review Group.

David MacLellan

Alexander David MacLellan (British), a resident of the United Kingdom, aged 50, is the founder and currently the chairman of RJD Partners, a mid-market private equity business focussed on the services and leisure sectors.  Previously Mr. MacLellan was an executive director of Aberdeen Asset Managers plc, following its acquisition of Murray Johnstone in 2000.  Mr. MacLellan is a member of the Institute of Chartered Accountants of Scotland.

Talmai Morgan

Talmai Morgan, a resident of Guernsey, qualified as a barrister in the United Kingdom in 1976. He moved to Guernsey in 1988 where he worked for Barings as general counsel and then for the Bank of Bermuda as managing director of Bermuda Trust (Guernsey) Limited. From January 1999 to June 2004, Mr. Morgan was director of Fiduciary Services and Enforcement at the Guernsey Financial Services Commission (Guernsey’s financial regulatory agency) where he was responsible for the design and subsequent implementation of Guernsey’s law relating to the regulation of fiduciaries, administration businesses and company directors. Mr. Morgan was also involved in working groups of the Financial Action Task Force and the Offshore Group of Banking Supervisors. From July 2004 to May 2005, Mr. Morgan served as chief executive of Guernsey Finance, which is the official body for the promotion of the Guernsey finance industry. Mr. Morgan is now the Chairman or a non-executive director of a number of investment-companies including companies listed on the London Stock Exchange. He holds an M.A. in economics and law from the University of Cambridge.

Christopher Spencer

Christopher Spencer, a resident of Guernsey, qualified as a chartered accountant in London in 1975.  Following two years in Bermuda he moved to Guernsey.  Mr. Spencer, who specialised in audit and fiduciary work, was Managing Partner/Director of Pannell Kerr Forster (Guernsey) Limited from 1990 until his retirement in May 2000.  Mr. Spencer is a member of the AIC Offshore Committee, a past President of the Guernsey Society of Chartered and Certified Accountants and a past Chairman of the Guernsey Branch of the Institute of Directors.  Mr. Spencer sits on the Board of Directors of Queen's Walk Investments Limited, ISIS Property Trust 2 Limited, Kenmore European Industrial Fund Limited, Dexion Trading Limited, Henderson Far East Income Limited and Ruffer Investment Company Limited, each of which is listed on the London Stock Exchange, and Low Carbon Accelerator Limited, which is listed on the London AIM market.  Mr. Spencer also sits on the Board of Directors of Thames River Kingsway Fund Limited, Thames River Hillside Apex Fund SPC, Thames River Longstone Limited and Nevsky Fund Limited, each of which is listed on the Irish Stock Exchange, and Tacus Fund Ltd and Thames River Property and Growth Fund Limited, which are both listed on the Channel Island Stock Exchange.

Guido van Berkel

Guido van Berkel, a resident of Luxembourg, is an Associate of The Directors’ Office, the leading practice of independent directors in Luxembourg. Mr. van Berkel started his career in the financial industry nearly 40 years ago and has held various senior positions with Bank Sarasin, Rabobank Robeco Group and Citibank. Over the course of his career, he has worked in the Netherlands, Jersey, Switzerland and Scandinavia.

Over the past [•] years Mr. van Berkel has been active on the Executive Boards of Bank Sarasin and Cie and has acted as Chairman of various Sarasin entities across Europe and Asia.

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The Fund Managers Back to top

David Marshall

David Marshall has 10 years of infrastructure investment experience with John Laing. He was until recently chairman of the Investment Committee of John Laing, and has sat on their project review committee for 10 years. David was group treasurer of the John Laing Group for seven years and has substantial M&A experience which includes, over his career with John Laing, the buying and selling of PFI/PPP assets both on an individual basis and also within portfolios. Prior to joining John Laing, David was group treasurer of two FTSE 100 companies and is a Fellow of the Institute of Chartered Accountants in England & Wales and a Fellow of the Association of Corporate Treasurers.

Andrew Charlesworth

Andrew Charlesworth has 12 years of experience in infrastructure investments. He has a multi-faceted experience in the PFI/PPP market, having been advisor to authorities in procuring PFI projects and to senior lenders in funding them prior to becoming an equity sponsor. In the last 10 years Andrew has led the equity investment in a number of PFI bids across many sectors, delivering investment of approximately £200 million of shareholder contributions into projects and has raised over £1.5 billion in funding.

Prior to moving into JLCM Andrew led significant parts of the primary investment business within John Laing, initially as CEO of Regenter (John Laing’s Social Housing PFI JV), then as Local Authority PFI Director and latterly as the Financial and Commercial Director for the global John Laing Investments business.

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