UK Financial Investments appoints new head

UK Financial Investments (UKFI) has appointed James Leigh-Pemberton, the son of former Bank of England governor Robin Leigh-Pemberton, as its new head.Leigh-Pemberton is replacing Jim O'Neil who is stepping down to join Bank of America Merrill Lynch. He will be the fourth person to head UKFI, the Treasury unit that manages the government's stakes in Royal Bank of Scotland (RBS) and Lloyds, since it was created in 2009.UKFI was set up after RBS and Lloyds were bailed out by the government during the 2008 financial crisis. The government is planning to sell its 81% holding in RBS and 39% interest in Lloyds.Leigh Pemberton, who will also take over as Executive Chairman when Robin Budenberg leaves, was one the main advisers to the government when it intervened bought shares in the banks. He will now lead the sale of the stakes.RD