Two new executive appointments at European Investment Fund

The Board of Directors of the EIF has appointed Richard Pelly as Chief Executive and Jean-Marie Magnette as Deputy Chief Executive of EIF. Richard Pelly succeeds Francis Carpenter, whose term of office ended in February.

Commenting on the appointments, Philippe Maystadt, EIB’s President and Chairman of the EIF Board of Directors said ”We are delighted that Richard Pelly and Jean-Marie Magnette are joining EIF. Both are highly respected and seasoned executives. Their complementary financial, institutional and operational experience and their considerable professional competence will undoubtedly be of great value in shaping EIF’s future growth and development and in continuing the fulfilment of its mission”.

Richard Pelly was most recently Managing Director at Pall Mall Capital where he focused on Debt Advisory mandates.  He started his career at Barclays Bank (1977-1997) serving as Business Development Manager, Branch Manager, Corporate Finance Director in the International Corporate Division, Head of Structured Finance in the Paris office, and finally Chief Operating Officer, BZW France. Thereafter, he was appointed Chairman and CEO of Budapest Bank (1998-2004), then CEO of UK Business Finance (2004-2005) within GE Commercial Finance. From 2005 to 2007 he was Managing Director of Structured Asset Finance at Lloyds TSB Bank where he forged a 160-strong team providing project, property and asset finance on a global basis. Richard Pelly has an Honours degree in Psychology from Durham University, a Diploma from the Institute of Bankers and obtained an MBA with distinction at INSEAD Fontainebleau. In 2003, he was awarded an OBE in the Queen’s Honours List for Services to the Community in Hungary and to the Budapest Festival Orchestra.

Jean-Marie Magnette started his career in 1979 as Chargé d’affaires at the Banque Générale du Luxembourg. He has worked at the European Commission since 1982. Initially he was an Administrator in the Personnel and Administration Directorate-General (1982-1987), then was appointed Principal Administrator in the Directorate-General for Credit and Investment (1987-1989). In 1989, he was appointed Head of Unit supervising the management of small and medium-sized enterprises financial instruments in the Directorate-General for Economic and Financial Affairs. In 2002, he was nominated Head of Unit responsible for the liaison with the EIB Group and the development of new financial instruments. In 2006, he was appointed Alternate Director representing the European Commission on the EIF Board of Directors. Jean-Marie Magnette was educated at the Catholic University of Louvain in Belgium where he obtained degrees in Electrical Engineering and in Business Administration and at the University of Chicago Graduate School of Business where he obtained an MBA.