Carsten Kengeter

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Carsten Kengeter
Carsten Kengeter 282x180.jpg
Occupation Chief Executive Officer
Employer Deutsche Boerse AG
Location London and Frankfurt, Germany
Website www.deutsche-boerse.com

Carsten Kengeter is an exchange executive with years of experience in capital markets and investment banking, who is the CEO of Deutsche Boerse AG. He started in that role in June 2015, succeeding Reto Francioni, who had served as CEO since November 2005.[1] Kengeter also serves on the firm's executive board.

Before joining Deutsche Boerse, Kengeter was an executive with UBS and served as its CEO from 2010 to 2013. After leaving UBS, he became a visiting professor of finance at the London School of Economics’ department of finance.

Frankfurt authorities investigated Kengeter over allegations of insider trading of 60,000 Deutsche Borse shares he purchased in 2015.[2] [3] [4][5]

In September of 2017 Deutsche Boerse agreed to pay a penalty totaling 10.5 million euros to settle the investigation into Kengeter's insider trading charges. Kengeter has denied any wrongdoing.[6]

German regulators conducted a assessment of the suitability management team of Deutsche Boerse as a result of the insider trading allegations against Kengeter.[7]


Background

Kengeter arrival at Deutsche Boerse saw the exchange group aggressively pursue deals, with €1.4bn spent on deals with weeks in 2015. This was more than the company had spent in the last eight years and was before a proposed deal to merge with the London Stock Exchange Group. Deutsche Boerse spend €750,000 on the 360T forex trading platfom as part of the spending spree.[8]

The Deutsche Boerse deal to merge with the London Stock Exchange ultimately was unraveled by anti-trust concerns, though it was wounded from the start having been agree upon before the Brexit vote.[9][10][11]

Kengeter was co-head of Goldman Sachs Group's Asian securities business outside of Japan before he joined UBS in early 2009 as global co-head of fixed-income, currencies and commodities. He and Alexander Wilmot-Sitwell were named co-heads of UBS in April 2009, and in September 2010 Kengeter became the sole CEO when Wilmot-Sitwell moved to oversee business in Asia. In July 2012, UBS hired Andrea Orcel to co-head the unit with Kengeter, and Orcel took over as the sole head of the business later that year.

Kengeter spent three years as CEO of UBS before being reassigned to run the bank's non-core division. After leaving the company he continued to provide advice to UBS on winding down its non-core portfolio.[12]

While Kengeter was slated to become the CEO of the proposed Deutsche Boerse/LSE deal, it emerged that the U.K.'s Serious Fraud office had investigated Kengeter "when it investigated Libor rigging."[13] Kengeter was later dropped from the SFO list of suspects.

Handlesblatt reported in a story on Kengeter that he runs double marathons in the mountains and ultralange ski tours.[14] He is also a fan of yoga and nei gong, an ancient martial art that promotes “internal strength”, according to the Financial Times.[15][16]

Education

Kengeter holds a bachelor of arts degree in business administration from Middlesex University, a graduate degree in Business Administration (Diplom-Betriebswirt (FH)) from the University of Reutlingen and a master of science in finance and accounting from the London School of Economics and Political Science.[17]

References

  1. Ex-UBS Banker Kengeter to Become New Deutsche Boerse CEO. Bloomberg.
  2. Prosecutor offers to drop Deutsche Boerse CEO insider trading probe. The Financial Times.
  3. Deutsche Boerse probe widens to all of top management. Financial Times.
  4. CEO Skating on Thin Ice. Handlesblatt.
  5. City fears German raid on Carsten Kengeter's office could hit Deutsche-LSE merger. Telegraph.
  6. Deutsche Borse:taking stock. The Financial Times.
  7. Regulators assessing suitability of Deutsche Boerse board. Telegraph.
  8. What's Next for Carsten Kengeter?. Finews.com.
  9. Deutsche Boerse's Chief Risk Officer Leaves. Handelsblatt.
  10. Deutsche Boerse boss blasted by investors for not factoring Brexit in failed LSE deal. Express.co.uk.
  11. European Commission prohibits recommended all-share merger between Deutsche Boerse AG and London Stock Exchange Group plc. Deutsche Boerse.
  12. A Top UBS Executive Is to Depart. The New York Times.
  13. Proposed LSE-Deutsche Boerse Carsten Kengeter chief ‘faced Libor claims’. Evening Standard.
  14. Carsten Kengeter wants to fight. Handlesblatt.
  15. Ex-banker Carsten Kengeter moves fast to reshape Deutsche Boerse. Financial Times.
  16. Carsten Kengeter: an astute climber of peaks of corporate finance. The Guardian.
  17. Carsten Kengeter. BDeutsche Boerse Group.