The leadership team of the North East’s longest-standing business investor has made public its plans to drive the business forward with Paul Scott as the new chief executive officer (CEO).
The announcement follows current CEO Jonathan Luke’s decision to step down from the position due to family health reasons.
Jonathan, who took on the role of CEO at NEL Fund Managers in 2022, has enjoyed a 20-year career with the investment firm, having joined from NatWest where he held a number of senior management positions.
“I have always wanted to ensure that NEL was in the best position possible before stepping down and the time is now right to do so,” he said.
“Paul is very forward-thinking and has incredible drive and enthusiasm for the business. With his roots in the North East, Paul has a wealth of knowledge and genuine high-level international experience, he is the ideal person to lead NEL into the future.
“I’ve thoroughly enjoyed working with Paul and I wish him every success in his new role.”
Paul, who joined NEL in 2022 as chief investment officer (CIO), is a seasoned investment professional and business leader with a successful track record of building, repositioning and successfully growing scale business units in the investment arena. Paul was involved at the inception of the direct lending market in Europe and has led teams investing in direct lending and private equity asset classes managing in excess of $15bn of assets.
Working in tandem, Jonathan and Paul have already secured two new funds for NEL from the Northern Powerhouse Investment Fund II (NPIF II) and have clear plans in motion to further expand the firm’s funds under management.
“Jonathan and Paul are two talented individuals who work incredibly well together as a team and NEL has benefited from their shared vision and joint focus as we approach a new era,” said NEL chairman Graham Thrower.
“Their plans for the future success of the firm are very much aligned and as a result the transition from one CEO to the next has so far been seamless.
“I’m excited about what Paul will bring to the role and delighted that Jonathan will still be a key part of the wider team.”
NEL’s growth plan includes the bolstering of its Board with two influential new members experienced in private and public sector investment management, complemented by Jonathan’s re-designation as an NED.
“Paul and I have worked very hard to put the necessary strategic plans in place to create an exciting future for NEL and our team,” added Jonathan.
“I’m extremely confident with the direction of the business and I’m delighted to remain as an NED so that I can continue to support the execution of these plans and see them come to fruition.”
Paul, an FCA certified director of regulated businesses, added: “I’ve thoroughly enjoyed working with Jonathan since joining NEL, both on a personal and professional level.
“Jonathan cares deeply about NEL. His open leadership style, receptivity to new approaches and drive to succeed has positioned NEL well for the future and I will be doing everything I can, along with our fantastic team, to execute successfully on our growth agenda.”
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.
