3i set to appoint Borrows as chief - reports

Simon Borrows is set to be unveiled as the new chief executive of the UK's largest private equity firm, 3i, according to reports.

Borrows, a well-known senior city banker, joined the company last year as chief investment officer from investment bank Greenhill. He will replace Michael Queen, who announced his resignation in March after three years in the job and 25 with the company. Borrows' appointment is expected to appease disgruntled shareholders, who have collectively demanded radical change at the firm over recent months following sluggish share price performance, with some calling on 3i to consider liquidation. Critics include Andrew Bell (pictured), chief executive of the £1.1bn Witan investment trust,...