MARK Hodges, former CEO of Aviva and British Gas, is set to be appointed to lead equity investment firm Marwyn this week.

According to Sky News, Hodges will be announced today as chairman of the long-term equity investment firm, Marwyn Acquisition Company II (MAC II).

MAC II is to turn its eye to mainly the financial services, consumer and technology sectors, following the appointment.

According to an insider source, Hodges will be eager to identify takeover targets that focus on intergenerational finance, against a backdrop of households' budgets being squeezed amid 40-year high inflation levels.

Hodges' CV boasts top jobs at companies including Reassure and Towergate Insurance.

At MAC II, he will have a nonexecutive role.

It comes as MAC II is intending to raise £500m through a placing. It is hoped there will be enough demand to back it once an initial target is selected, despite market volatility.

(c) 2022 City A.M., source Newspaper