NEL Fund Managers announces new chief executive officer

North East investment firm NEL Fund Managers has announced Paul Scott as its new chief executive officer, succeeding Jonathan Luke, who is stepping down due to family health reasons.

Jonathan, who became CEO in 2022, has had a 20-year career with NEL, previously holding senior management roles at NatWest. He will remain with the firm as a non-executive director.

Jonathan said: “I have always wanted to ensure that NEL was in the best position possible before stepping down and the time is now right to do so.

“Paul is very forward-thinking and has incredible drive and enthusiasm for the business. With his roots in the North East, Paul has a wealth of knowledge and genuine high-level international experience and he is the ideal person to lead NEL into the future.

“I’ve thoroughly enjoyed working with Paul and I wish him every success in his new role.”

Paul joined NEL as chief investment officer in 2022, bringing extensive experience in direct lending and private equity, managing over $15 billion of assets. He played a pivotal role in securing two new funds from the Northern Powerhouse Investment Fund II (NPIF II).

Under Paul’s leadership, NEL plans to expand its funds under management and strengthen its Board with two new members experienced in private and public sector investment.

Paul, an FCA certified director of regulated businesses, added: “I’ve thoroughly enjoyed working with Jonathan since joining NEL, both on a personal and professional level.

“Jonathan cares deeply about NEL. His open leadership style, receptivity to new approaches and drive to succeed has positioned NEL well for the future and I will be doing everything I can, along with our fantastic team, to execute successfully on our growth agenda.”

Graham Thrower, NEL chairman, added: “Jonathan and Paul are two talented individuals who work incredibly well together as a team and NEL has benefited from their shared vision and joint focus as we approach a new era.

“Their plans for the future success of the firm are very much aligned and as a result the transition from one CEO to the next has so far been seamless.

“I’m excited about what Paul will bring to the role and delighted that Jonathan will still be a key part of the wider team.”

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