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Toscafund appoints new director

Hedge fund manager Toscafund has appointed John McFarlane as a director. Mr McFarlane will also become a director of Old Oak Holdings, a financial service and investment group and Toscafund's parent company.

Mr McFarlane retired in September 2007 as CEO of ANZ after 10 years in that role. Mr McFarlane joins Sir George Mathewson, RBS’s former chairman, Martin Hughes, Old Oak’s founder and Michael Kerr-Dineen, founder of Cheviot, on the company’s board.

Mr McFarlane will advise the group on a wide range of opportunities apparent in the financial services industry, help maintain the high existing standards of group governance and will also monitor and evaluate the business and product development of Old Oak.

Mr Hughes, CEO, said: We are extremely pleased that John, a businessman with an excellent proven track record in financial services, has agreed to join our board. At a time of immense change in the financial services industry, having someone of John’s calibre will significantly strengthen the business opportunities and options available at Toscafund.