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Hanover appoints new CEO

Thursday, August 17th 2006, 6:39AM
Hanover Group has appointed a new chief executive with significant international investment banking experience.

Andrew Schmidt, an investment banker previously with Credit Suisse in London, will take up the new position immediately. Schmidt has been with Hanover since late 2004 and CEO of Hanover Investments since 2005.

Schmidt says he will "be leading a team that will work to leverage Hanover’s twin strengths of management skills and capital to create new opportunities, including sophisticated new investment products.”

“We’ll be combining Hanover’s core financing and property activities with a range of new business streams. The organisation has done a significant amount of business internationally over the years and we will now take an even greater global perspective. In line with this we have established a specialist mergers, acquisitions and private equity investment team and we will soon make a significant announcement in the funds management area.”

Schmidt is a former general manager of Colonial in the United Kingdom where he was responsible for more than $10 billion in funds.

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