Citigroup boss to oversee UK investment drive

• Department for International Trade (DIT) appoints Citigroup banking vice-chairman Mark Slaughter as Director General for Investment to lead drive attracting more investment into the UK
• the UK is the top destination for foreign investment in Europe, attracting companies such as Nestle and New Balance
• Mark Slaughter is the latest in a series of high-profile appointments from the private sector to the top team at DIT, including to senior HM Trade Commissioner roles leading trade and investment overseas

International Trade Secretary Dr Liam Fox MP, Minister for Investment Graham Stuart MP and DIT Permanent Secretary Antonia Romeo today appoint Mark Slaughter as Director General for Investment. Slaughter is currently Citigroup’s global corporate and investment banking vice-chairman, having built a career in banking focusing on international finance, trade and investment.

The UK is now the top destination for inward investment in Europe, with foreign investment creating and safeguarding 108,000 jobs last year alone. Some of the companies investing in the UK include Nestle, who have invested over £600 million in the UK since 2010, and New Balance, whose West Cumbria factory has created 270 skilled jobs.

Slaughter’s is the latest in a series of high-profile appointments at DIT and comes just weeks after former Barclays head of corporate banking John Mahon was appointed to lead the department’s exporting function.

After a long career at some of the world’s top financial institutions, working in the City, on Wall Street and in Hong Kong, the Harvard-educated lawyer will join the department next week. He will lead cross-government efforts to attract more investment into the UK as the country prepares to leave the European Union.

On the appointment, International Trade Secretary Dr Liam Fox MP said:

Last year was a record breaker for foreign direct investment – creating and safeguarding 108,000 jobs across the UK. As we increase trade and investment with partners outside of the European Union, someone of Mark’s calibre, with extensive experience in Asia and the US, will be an invaluable asset to my international economic department.

Mark Slaughter will be responsible for delivering the government’s foreign direct investment strategy, overseen by Minister for Investment Graham Stuart, who said:

DIT is building relationships with the world’s biggest investors, from sovereign wealth and pension funds, to global real estate developers. As Director General for Investment, Mark will ensure that this work is accelerated and our foreign direct investment offer strengthened, benefitting people in every part of the UK.

DIT Permanent Secretary Antonia Romeo, who is leading DIT’s capability building programme by recruiting international-calibre professionals, commented:

Following a global recruitment process, we appointed Mark as our first Director General for Investment from an incredibly strong field of candidates. Mark was chosen because of his wealth of experience and stellar links with the global investment community – this will be essential expertise as we continue to build on the UK’s strong foreign direct investment record.

Explaining why he decided to leave the private sector for public service, Mark Slaughter said:

I felt now was the time to take on a new challenge – a challenge that will have an impact on the UK and the global economy for decades to come. Attracting more foreign investment is fundamental to creating jobs and increasing prosperity across the whole of the UK

Background

The Department for International Trade (DIT) secures UK and global prosperity by promoting and financing international trade and investment, and championing free trade. We are an international economic department, responsible for:

• bringing together policy, promotion and financial expertise to break down barriers to trade and investment, and help businesses succeed
• delivering a new trade policy framework for the UK as we leave the EU
• promoting British trade and investment across the world
• building the global appetite for British goods and services