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UKFI close to naming chair

UK FINANCIAL Investments (UKFI) &ndash; the body which manages the government&rsquo;s stakes in Lloyds Banking Group and Royal Bank of Scotland &ndash; will have a new chairman within weeks, sources said yesterday.<br /><br />The Treasury is leading the search for a candidate to chair UKFI and is believed to have placed Sir David Cooksey, a former governor of the Bank of England and adviser to Gordon Brown, at the top of its employment shortlist.<br /><br />Sources close to the process said yesterday that UKFI could announce a successor to acting chairman Glen Moreno &ldquo;within weeks&rdquo;, suggesting that an early August appointment is likely.<br /><br />Cooksey, who chairs London-listed mining firm ENRC and Eurostar part owner London &amp; Continental Railways, is believed to head the list of candidates to replace Moreno, who it was revealed earlier this month is working for free.<br /><br />The shortlist also includes Standard Life chairman Gerry Grimstone and Sir David Walker, who completed a review of corporate governance for the government earlier this month.<br /><br />However, Cooksey could benefit from his relationship with Gordon Brown, having advised him on public funding of health research when Brown was chancellor of the exchequer.<br /><br />He would also bring with him a wealth of experience, having served on the court of the Bank of England for more than a decade.