Financial services industry specialist Capco has made Andrew Tarver its UK Chief Executive Officer — at just 35 years of age! Long-time Accenture consultant Tarver was previously a Partner in Capco's UK capital markets team. Ismail Amla, Capco's previous UK CEO, will now head the firm's North American practice.
Tarver commented, "I am delighted to have been asked to lead Capco's UK business. I am proud to be part of a firm that prioritises the interests of its people and clients above everything else. We have a client-centric approach in all that we do and I will look to ensure that we continue to act as trusted advisers, challenging our clients to think differently.
"This is an exciting time to be working in the financial services industry alongside the sector's leading firms, but even more so, an exciting time to be part of Capco. We are incorporating the most innovative thinking into all our offerings, including the implications of mobile banking, social networking and creative solutions to address regulatory change, to ensure our clients have the very best solutions, delivered by the best talent in the industry.
"(One) major challenge we are helping clients address is the diminishing Return on Equity (RoE). RoE targets are being revised downward as capital scarcity, leverage constraints and pressure on product innovation limit revenue growth, whilst cost bases are largely unchanged from the peak of the last banking boom. Financial institutions are retrenching from their previous product and market growth strategies. Many have embarked on formal cost of capital reviews to identify value destroying business lines and functions.
"Rather than simply reducing costs, we strongly believe institutions should be taking the opportunity today to identify new revenue streams through innovation and by "sweating" their existing assets better. Capco is working to architect (sic) the future financial operating model, where it can act as both a partner and a participant."
Peter Schurau, Partner and CEO for Europe, said: "At Capco we reward excellence regardless of age and Andrew's appointment as UK CEO reflects the significant contribution he has already made to the company.