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Bonds Agency makes key appointments
LGA media release 22 January 2015
A chairman and vice­chairman have been identified to head up the UK's first municipal bonds agency as it gears
up for launch.
Sir Merrick Cockell, former Chairman of the Local Government Association, will become Chairman of the agency, which will trade under the
name Local Capital Finance Company Ltd (LCFC).
Adrian Bell, formerly the Chairman of RBC Europe Limited and now the head of Debt Markets for Canaccord Genuity in London, will be Vice­
Chairman.
Sir Merrick and Adrian will head up a board which will drive the business forward through its mobilisation phase into full operation.
The remainder of the board will be appointed in the near future.
Sir Merrick Cockell, Chairman of the LCFC, said:
"This exciting and ambitious venture started two years ago with the LGA's Rewiring Public Services campaign. I am delighted that, having been
so closely involved in its inception, I will now have the opportunity to lead it through to launch and beyond.
"I have long been an enthusiastic supporter of creating a thriving municipal bonds market in the UK. Councils should not have to form an orderly
queue at the door of the Treasury to ask for permission to finance their projects. The bonds agency can be a showcase for local government at
its innovative best; standing on its own financial feet, asserting its independence and working together to get a better deal for its residents."
Adrian Bell, Vice­Chairman of the LCFC, said:
"This is a unique opportunity to create significant value for the local authority sector by creating access to funding at very attractive rates in a way
that will generate enthusiastic support from investors in the UK and elsewhere."
Michael Lockwood, Executive Director of the LGA, and Director of the LCFC, said:
"Securing Sir Merrick and Adrian is a major coup for the agency. They bring a wealth of experience and expertise in local government, business
and finance. Having them lead this agency will be crucial to making this a success."
Biographies
Sir Merrick Cockell
Sir Merrick Cockell was Chairman of the Local Government Association from 2011 to 2014. A councillor since 1986, he served as Leader of the
Royal Borough of Kensington & Chelsea for 13 years and chaired London Councils for four. He is a former Audit Commissioner and is currently
Deputy Chairman of the London Pensions Fund Authority, Chairman of Localis, an independent think­tank dedicated to issues related to local
government, and a Senior Adviser to PA Consulting.
Adrian Bell
Adrian has a wide range of experience in financial services – focused on Infrastructure and the Bond Markets. In the process, he built the Royal
Bank of Canada into one of the largest operators in the sterling bond market, focused on raising funds for major Sovereign, Super National and
Municipal borrowers and became the Chair of RBC Europe Limited, its principal banking subsidiary in Europe. Adrian has also been heavily
involved in the financing of infrastructure and Social Housing and has acted as the chair of Genesis Housing Group and a director of Affinity
Housing group. He is currently the head of UK Debt Markets at Canaccord Genuity.
ends
Contact
Simon Ward, Deputy Head of News and Internal Communications
Local Government Association
Telephone: 020 7664 3147
Email: simon.ward@local.gov.uk
Local Government House, Smith Square, London SW1P 3HZ
www.local.gov.uk
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22 January 2015
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