Dot com gets head of legal from bank

Online financial services company Interactive Investor International has appointed its first head of legal from investment bank Morgan Stanley Dean Witter.

As counsel in the law and compliance department at Morgan Stanley, Anil Raval was responsible for all legal and regulatory issues surrounding international private wealth management.

He has been appointed head of legal and compliance at rapidly expanding Investor Interactive, which floated on the London Stock Exchange and the Nasdaq last month.

The company has until now used SJ Berwin for all its corporate and compliance advice, but chief executive Tomas Carruthers says Raval may review that relationship.

Carruthers says: “We are highly reliant on SJ Berwin for a proportion of corporate contracting and regulatory advice. I don't think the firm's position will be prejudiced, but Anil will decide which firms he will use to support the business.”

Carruthers says he is employing a head of legal because the company is growing so fast. It is an internet personal finance service allowing investors to monitor financial products online.

The number of employees has grown from 34 to 115 in the last 12 months, and the company now has operations in South Africa, Hong Kong and Zurich. It has a market capitalisation of £680m.

Carruthers says: “We had to decide which bits of the business we can control and which bits we need outside advisers to control.”