Michael Spencer, the billionaire behind one of the world’s biggest financial brokerage fortunes, has hired a former American International Group Inc. executive to lead his personal investment firm.
Ion Bogdaneris this month became chief executive officer of IPGL, the NEX Group Plc founder’s family office, according to UK registry filings. He replaces Samantha Wren, a former NEX executive who led the investment firm since 2019.
Bogdaneris previously headed AIG’s European alternative-investments business as well as a private investment firm for Lord Jacob Rothschild. Most recently, he helped run the family office of Lululemon Athletica Inc. founder Chip Wilson.
A spokesman for London-based IPGL confirmed the hire.
The move marks a new era for IPGL after it ramped up its investment activity in the years that followed NEX's sale to CME Group Inc. in 2018, which valued Spencer’s firm at £3.9 billion ($4.7 billion).
The 67-year-old former Conservative Party treasurer originally made his fortune through ICAP Plc, NEX’s predecessor company, a business he founded in 1986. The firm grew to become the world’s biggest broker of deals between banks and turned Spencer into one of the City of London’s most prominent figures.
Through IPGL, Spencer has diversified his fortune into real estate, wine and wealth management. The firm had £1.1 billion in net assets at the end of March 2022, including a stake in CME that’s below reporting thresholds. In recent years, it invested in German insurtech platform Hepster and British e-sports franchise EXCEL Esports.
Spencer remains actively involved in the family office’s operations and its investments of more than three-dozen businesses, according to the IPGL spokesman.
Bogdaneris, 64, worked at management consulting firm McKinsey & Co. and General Electric Co.’s financial-services division early in his career, according to his LinkedIn profile. He was at AIG between 2005 and 2009 after three years as a senior advisor at Blackstone Inc.
After leaving AIG, Bogdaneris led J Rothschild Capital Management and later helped build up global direct investments for Capital Generation Partners, a London-based firm for wealthy families.
This article was provided by Bloomberg News.