Hannam challenges FCA in court

Michael Bow
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ONE of the Square Mile’s most prolific dealmakers will take the stand at the High Court this week to challenge the City regulator over a £450,000 market abuse fine.

Ian Hannam, the former co-head of UK capital markets at JP Morgan, will appeal a decision made by the Financial Conduct Authority’s predecessors the Financial Services Authority in February 2012 to fine him for two instances of what it maintains was the disclosure of inside information.

The case centres on two emails sent by Hannam in September and October 2008 to a third party regarding Hannam’s client, Heritage Oil. Hannam is set to argue the emails were neither sufficiently precise nor price-sensitive to constitute insider information. The case, which will last about two weeks, will be heard by Mr. Justice Warren.

Born in south London in the spring of 1956, Ian Hannam’s working class origins did not hinder his rapid ascent to become one of the City’s top dealmaker and broker to some of finance’s best-known deals. An engineer by training – he obtained a degree in engineering from Imperial College, London before learning his craft for five years at Taylor Woodrow – he switched early to the burgeoning world of corporate finance in the mid 1980’s with a job at Salomon Brothers straight out of business school. A period on Wall Street with Salomon’s led him to the door of JP Morgan where his knack for dealmaking and exuberant energy propelled him onto the deal sheets of massive mining deals as well as high profile mergers. JP’s merger with Cazenove and the tie-up between Xstrata and Glencore are just two of a litany of deals Hannam worked on. Outside of work he used to be a captain in the territorial SAS. Its motto – who dares wins – is an apt one for Hannam’s work.