The former head of investment banking at UBS and one of the best known corporate financiers in the City of London has been named director general of the Takeover Panel, bringing to a close a process thrown into controversy when Lazard’s Peter Kiernan withdrew his application two months ago.

The Takeover Panel, the body that overseas takeovers in the UK, today announced the appointment of Robert Gillespie as its next director general. Gillespie, who is 55, will take over from acting director general Philip Remnant in September.