(Alliance News) - UK fintech firm PrimaryBid has recruited Donald Brydon as the company's new chair, Sky News reported on Sunday.
Previously, Brydon was the chair of engineering firm Smiths Group PLC and Royal Mail PLC. He is also the former chair of one of PrimaryBid's shareholders, the London Stock Exchange Group PLC.
This week he plans to retire as chair FTSE 100-listed software company, Sage Group PLC, according to Sky News.
Founded in 2016, PrimaryBid gives individuals access to one-off company fundraisings by using a mobile app to combine stock orders from small investors into more substantial applications.
"The timing of his arrival is also opportune, coming in the wake of a review led by Lord Hill, the former EU commissioner, which recommended a series of reforms to UK financial markets," Sky noted.
Current UK City Minister John Glen, recently commented that the Treasury hopes to "facilitate wider participation in the ownership of public companies, and to remove the disincentives that currently exist for the issuance of securities to wide groups of investors - including retail investors."
According to Sky News, ONS data from 2018 shows that retail investors own 14% of the UK's equity market, worth around GBP420 billion.
https://news.sky.com/story/uk-fintech-primarybid-recruits-city-heavyweight-brydon-as-new-chairman-12418633
By Scarlett Butler; scarlettbutler@alliancenews.com
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Sage Group (SGE)
Smiths Group (SMIN)