Ex-BP chief in talks to set up fund

By Sylvia Pfeifer

Tony Hayward, the former chief executive of BP, is in the early stages of setting up an investment fund focused on the energy sector, in a move that would mark his return to the UK corporate scene after leaving the oil group after last year's Gulf of Mexico accident.

The talks remain at an early stage and an investment fund is only one of a number of options Mr Hayward is considering, people close to him stressed on Monday. He has also been in talks to become the senior independent director of Glencore, the commodities trader, when it lists.

Mr Hayward has previously held talks with Nat Rothschild, the billionaire financier, about launching an investment fund. The two men know each other well and any venture could be modelled on Vallar, the natural resources fund Mr Rothschild listed in London last year, according to people familiar with the situation.

Mr Hayward also held preliminary talks with Julian Metherell who recently announced his intention to retire as the head of UK investment banking at Goldman Sachs to a small group of senior executives there, according to people familiar with the matter.

Mr Metherell, 47, came to Goldman Sachs from Dresdner Kleinwort in 1999, and was named a partner in 2006. He has spent his career advising some of the world's biggest energy groups, including BP, and intends to stay with the bank until this summer. He declined to comment when contacted by the Financial Times.

Mr Metherell's departure could see Mark Sorrell, the son of UK advertising magnate Sir Martin Sorrell, elevated to fill his position, according to people familiar with the business.

Mr Sorrell, who joined Goldman's elite partner ranks last November, is currently co-chief operating officer of the UK investment banking business with Anthony Gutman, one of the top consumer and leisure bankers in the City. A Goldman spokesperson said that succession planning was "ongoing".

News of Mr Hayward's plans come as a Stockholm arbitration court in London is set to enter a second day of hearings on Tuesday on whether BP can proceed with a $16bn share swap with Russia's Rosneft. The tribunal heard evidence on Monday from the UK group on why it should be allowed to proceed just with the share swap, excluding an alliance to drill in the Arctic. Both have been opposed by a group of Russian investors in TNK-BP, a joint venture involving BP and Russian oligarchs led by Mikhail Fridman.

The battle comes as BP hopes to return to drilling in the Gulf of Mexico. The company had been told privately that it should be able to drill existing wells in the gulf as early as July although Ken Salazar, the US interior secretary, on Monday said no agreement had been reached.

BP on Monday also agreed to sell its aluminium business for $680m in cash, the latest in a series of disposals as the company seeks to raise $30bn from divestments to help it meet the financial obligations arising from last year's Gulf of Mexico disaster.

The sale of Arco Aluminium, which specialises in supplying rolled aluminium for the production of drinks cans, to a Japanese consortium means that BP has now entered agreements to dispose of more than $24bn of assets since last year's disaster.

Bob Dudley, BP chief executive, said: "Although a strong business, Arco Aluminium is clearly a non-strategic asset for BP. Today's agreement will deliver an attractive price for the business, unlocking its value for our shareholders."

BP acquired Arco Aluminium through its takeover of Arco, the US oil company, in 2000.