(Bloomberg) -- Jonathan Bloomer, chairman of Morgan Stanley International and onetime chief executive of Prudential Plc, was confirmed as among the fatalities in the Aug. 19 sinking of a luxury yacht off Italy. He was 70.
His wife, Judy, was also among those killed. They had been guests on the superyacht Bayesian to mark the acquittal of British tech tycoon Mike Lynch at a trial in which Bloomer had been a defense witness.
Lynch also died in the sinking, according to people with direct knowledge of the matter who asked not to be identified.
“Our parents were incredible people and an inspiration to many, but first and foremost they were focused on and loved their family and spending time with their new grandchildren,” the Bloomers’ children said in a statement. “Together for five decades, our only comfort is that they are still together now. This is an unimaginable grief to shoulder. Our only ask is that our family’s privacy is respected at this time.”
A total of six people likely were trapped and died inside the Bayesian when it was hit by a tornado near Porticello, Sicily, according to authorities.
In June, a jury in San Francisco acquitted Lynch of criminal charges of having duped Hewlett Packard Co. into overpaying for his software firm, Autonomy Corp., in 2011.
Audit Committee
Bloomer, who had led Autonomy’s audit committee, testified as a witness for Lynch. On the stand, according to the UK’s Telegraph newspaper, Bloomer testified that Lynch hadn’t paid close attention to Autonomy’s accounting, focusing instead on “strategy, new products, new areas to look at, potential acquisitions.”
Though Lynch prevailed in the criminal trial, an earlier civil case in the UK resulted, in 2022, with a judge ruling that Lynch had fraudulently boosted the value of the company. What damages Lynch would have had to pay in that matter was still under consideration.
Bloomer was chair of Morgan Stanley’s European business since 2018. He was named to lead British insurer Hiscox Ltd.’s board last year.
Morgan Stanley Chief Executive Officer Ted Pick said in a statement that Bloomer’s “leadership and experience helped the firm manage a period of complex change for our international businesses.” Hiscox CEO Aki Hussain said it was a privilege to have worked with Bloomer.
After serving as a partner at Arthur Andersen for 20 years, Bloomer held senior roles at Prudential Plc between 1995 and 2005 — first as the company’s finance chief and later its chief executive officer. He left the asset manager after clashing with shareholders over a decision to raise money through a rights offer to help fund expansion in the UK instead of Asia.
As Prudential’s boss, Bloomer had a “relaxed” style and was a “good listener, an ideas man and a great leader,” said Mark Butterworth, who at the time was a group insurance risk manager at the company. He said Bloomer’s open management style helped drive the company’s expansion and modernization.
Bloomer commissioned a “radical overhaul of Prudential’s business plan” that helped secure the future of the company, said Mark Wood, chairman of PensionBee Ltd. Wood was hired by Bloomer from French insurer Axa SA in 2001 to oversee Prudential’s business in the UK and Europe.
From 2006 to 2012, Bloomer was an operating partner at Cerberus Capital Management LP, the US private equity and alternative investor. Then he pursued a portfolio career and led the boards of companies including Arrow Global Group Ltd. and DWF Group Ltd.
Bloomer was named a Member of the Order of the British Empire in 2017 for his services as trustee and honorary treasurer of the NSPCC, a children’s charity.
--With assistance from Daniel Taub.
(Updates third paragraph with Lynch’s death.)
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