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Report: 3i to promote Borrows to CEO

Chief investment officer of 3i Simon Borrows, formerly an investment banker at Greenhill & Company, will reportedly replace 3i chief executive officer Michael Queen.

UK-listed asset manager 3i is expected to promote chief investment officer Simon Borrows to chief executive officer later this week, the Financial Times reported.

The firm will make an official announcement regarding the new CEO prior to 3i's annual shareholder meeting in July, according to a source close to the firm.

Borrows would replace 3i Michael Queen, a 25-year veteran of the firm who in March announced plans to depart once a replacement was found. While Queen told Private Equity International in a previous interview his decision’s timing was in part to do with wishing to take on a new executive challenge, the 12 months leading up to the decision were a turbulent period for 3i. Last September the firm dropped out of the FTSE 100 due to its falling share price, which dropped sharply in August 2011 and at 182p still represents a significant discount to net asset value.

Borrows joined 3i last July from investment bank Greenhill & Company International, where he held the role of chairman. He had previously been co-chief executive of the bank, and also founded Greenhill’s European operations in 1998. Prior to that, he was managing director of former London bank Baring Brothers International.

Borrows has worked with 3i for many years, and was involved in its initial public offering in 1994, as lead banker at Barings working on the flotation. He remained lead banker for the 3i relationship until 2004, a spokesperson for the firm told Private Equity International in a prior interview. He has extensive experience in private equity, and sat on Greenhill’s private equity committee for several years, the spokesperson said.