England rugby star to head major City fund

A former England rugby star and Executive Chairman of Investec's UK investment division has left his post to become the CEO of a major investment fund in the City.

Alex Snow leaves Investec to head Lansdowne Partners, a major UK hedge fund that has significant shareholdings in Nike, Lloyds Group, Ryanair and even Manchester United Football Club.

The 44-year-old is replacing Sir Paul Ruddock, a major Tory supporter who stands down in an effort to spend more time on his philanthropic works.

Lansdowne Partners, one of London's most successful hedge funds, was set up by Sir Paul and Steven Heinz in 1998 and currently manages $13.4 billion (£8.8 billion), primarily on behalf of big institutional investors.

Mr Snow, a former Harlequins and England international rugby player, sold an investment bank of his own creation to Investec in 2011, after a £230 million two-way bid battle with Canaccord.

Three years ago it became the second largest shareholder in Lloyds Banking Group after the Government. Other high-profile companies in which it is a major shareholder include Nike, Ryanair and Manchester United.

Lansdowne's main fund, the Developed Market fund, accounts for $10 billion of the assets under management, producing an 18 per cent return for investors last year and 16 per cent so far this year.

Speaking on his appointment, Alex Snow, the new CEO of Lansdowne, said: "I am delighted to be joining Lansdowne, and am excited by the prospect of working with such talented professionals across the organisation. Lansdowne has an enviable heritage, and I look forward to helping it develop its position as one of the leading investment firms in Europe."

Speaking on hiring Mr Snow, Steven Heinz, one of the founders of Lansdowne, said: "Alex has been known to members of the management committee for many years, and has the combination of management experience, energy and drive which we believe is necessary to lead Lansdowne going forward."