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Magnus Spence steps down as chairman of New City Initiative

Magnus Spence steps down as chairman of New City Initiative

Magnus Spence has relinquished his role as head of New City Initiative, paving the way for his deputy Dominic Johnson to take the helm at the think tank.

The NCI aims to 'restore public faith in the asset management sector' and offer an expert and independent voice on financial regulation.

It was founded by Daniel Pinto, chief executive of Stanhope Capital in 2010, and Spence, managing partner of fund group Dalton Strategic Partnership, has been chairman since last year.

'Dominic has been a prolific and outspoken member of the New City Initiative since he helped set it up with Daniel Pinto in 2010, fighting against overzealous legislation from Europe and for a cultural revolution to align the interests of fund managers and their clients,' executive director Gary Mead said.

Johnson is chief executive and founding partner of Somerset Capital Management LLP, an employee-owned $5.3bn global emerging markets firm.

'I look forward to leading the charge towards better structures and a sounder culture in finance, helping small firms bloom, and working with other members of this unique organisation to achieve our collective goals,' Johnson said.

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