Lord Hammond, the former chancellor of the exchequer, is preparing to step down as chairman of Copper, the digital assets group, as it reorients its growth plans away from the UK to the US market.

Sky News has learnt that Copper’s board is in the process of recruiting a successor to Lord Hammond, who served as chancellor during Theresa May’s premiership.

Sources said the process was at an advanced stage and was expected to lead to the appointment of an experienced American finance executive before the end of the year.

Lord Hammond, who took over the chairmanship of Copper in early 2023, is expected to remain a shareholder in the company after he steps down.

He was previously an adviser to its board.

Since leaving government, he has amassed a collection of private sector roles, and is now chairman of Railsr, an embedded finance business.

One insider said he had been actively engaged in the identification of the company’s next chair.

Copper specialises in the provision of digital asset custody and trading technology services to clients.

It counts Barclays and Alan Howard, the co-founder of Brevan Howard Asset Management, a prominent hedge fund, among its investors.

Founded in 2018 and based in London, it employs hundreds of people.

Lord Hammond has been critical of the pace of regulatory reform in the UK amid the rapid evolution of the global cryptocurrency and blockchain sectors.

Last December, it emerged that Copper had abandoned its second bid to register in the UK with the Financial Conduct Authority.

The previous year, its chairman told the Financial Times that Britain was falling behind in a crucial and fast-growing part of the financial services sector.

“Switzerland is further ahead; the EU is also moving faster,” he told the newspaper.

“There has to be appetite to take some measured risk.”

Read more from Sky News:
US financial firms pledge £1.25bn to UK ahead of Trump visit
Zoopla and Uswitch owner plots break-up and sale

Copper has not raised a significant round of new funding for several years, and is not thought to have a need to secure additional capital.

The company is now run by Amar Kuchinad, a former Goldman Sachs executive, who replaced its founder, Dmitry Tokarev, in the role.

It recently announced the appointment of Rosie Murphy Williams, who previously worked at the London Stock Exchange and Royal Bank of Scotland, as its chief operating officer.

Earlier this year, it said it had agreed an alliance with Cantor Fitzgerald’s new Bitcoin financing business, underlining the continuing growth of cryptoassets and the businesses which serve them.

Since US President Donald Trump began his second term in the White House, a glut of digital asset companies have rushed to join the public markets, buoyed by a favourable regulatory climate and growing investor interest.

On Sunday, both Lord Hammond and Copper declined to comment.

The UK government has announced more than £1.25bn in private US investment in the UK’s financial services sector ahead of US President Donald Trump’s second state visit.

The new US investments are expected to create 1,800 jobs and boost benefits for millions of customers across the country, the UK government said.

The deal secures £20bn in trade between the two nations – including an expected £7bn commitment from BlackRock, the world’s largest asset manager.

It is set to deliver more than £8bn in investment and capital commitments to the UK, with over £12bn flowing in the other direction – creating jobs and opportunities on both sides.

Other companies expected to invest include PayPal, Bank of America, Citi, and S&P Global.

Bank of America will create up to 1,000 new jobs in Belfast as part of its first-ever operation in Northern Ireland, the government said.

Citi plans to invest £1.1bn across its UK operations, while S&P Global will create 200 permanent jobs in Manchester through a £4m investment.

“Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance,” Business and Trade Secretary Peter Kyle said.

“These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners, ahead of the US Presidential State Visit.”

Chancellor of the Exchequer Rachel Reeves said that the commitment from America’s leading financial institutions “demonstrates the immense potential of the UK economy”, as well as “our strong relationship with the US”.

The UK and US agreed a “landmark” economic deal in May, which secured major tariff reductions for key sectors and protected jobs in the automotive and aerospace sectors.

Discussions are ongoing with the US on a broader UK-US economic deal, aimed at increasing digital trade and strengthening supply chains.

MPs urge pressure on US over tariffs ahead of Trump visit

MPs have urged the government to apply maximum pressure on the US to obtain tariff relief ahead of Donald Trump’s state visit.

The Commons Business and Trade Committee described the upcoming visit as a crucial opportunity to push the US president to finalise the remaining terms of the economic prosperity deal.

While the UK and US reached a trade agreement in June that lowered tariffs on car and aerospace exports to the US, negotiations on British steel tariffs remain unresolved, keeping them at 25%.

Read more from Sky News:
BlackRock to invest £500m in UK data centres during Trump visit
Zero growth in July as economy ‘continued to slow’

Committee chairman Liam Byrne said the state visit is “no mere pageant”.

“We can’t escape the truth that Britain now trades with its biggest partner on terms that are worse than the past, the EU has in places secured a better edge, and key sectors of our economy still face the peril of new tariffs. That means jobs hang in the balance and investment waits on certainty.”

The committee also called on the government to finalise agreements on aluminium and pharmaceuticals, ensuring that the terms accurately reflect the UK’s supply chain dynamics and its shift toward low-carbon production.

It emphasised that the UK should also use its partnership with the US to strengthen its position against China in areas such as artificial intelligence and defence technology, while also securing more resilient supply chains and improved access to critical minerals.

A government spokesperson said the “special relationship” between the UK and the US “remains strong” and that “thanks to our trade deal, the UK is still the only country to have avoided 50% steel and aluminium tariffs”.

“We will work with the US to implement this landmark deal as soon as possible to give industry the security they need, protect vital jobs, and put more money in people’s pockets,” the government spokesperson said, adding, “as well as welcoming the president on this historic state visit.”

The owner of Uswitch, one of Britain’s biggest price comparison platforms, and Zoopla, the online property portal, is plotting a break-up that could lead to the sale of some of Britain’s best-known consumer websites in the next 12 months.

Sky News has learnt that Silver Lake Partners, the American private equity firm, has hired two investment banks to launch a review of strategic options for the assets which sit within holding company ZPG.

This weekend, City sources said that JP Morgan and Arma Partners had been engaged by Silver Lake in recent weeks to advise on the project.

Although no firm decisions have been reached about the future of ZPG’s operating businesses, a series of sale processes for its various assets is seen as the likeliest outcome.

The most prominent of the group’s subsidiaries is RVU, a smaller holding company which owns Confused.com, the insurance comparison venture; Uswitch; Money.co.uk; mortgage brokerage Mojo Mortgages; and Tempcover, a temporary car insurance provider.

ZPG also has three other businesses: Zoopla, which sits behind Rightmove in the rankings of Britain’s biggest property portals; Hometrack, a property information site which also has common ownership with PrimeLocation.com; and Alto Software Group, which provides software services to estate agents through a further group of subsidiaries.

Silver Lake took ZPG private from the London Stock Exchange in 2018 in a deal worth about £2.2bn.

Since then, it has acquired a number of other businesses, and reorganised itself into four more independent entities which sit within the ZPG holding company.

A source indicated that there was “no particular path or outcome” for the strategic review to take.

Confused.com was added to the group in 2020 when it was absorbed by RVU following the brand’s acquisition from Admiral, the London-listed insurer.

ZPG has also sold several assets, including RVU’s international arm, in 2023.

Industry sources said there was little or no chance of ZPG being sold in one transaction, with its assets more likely to be offloaded through several processes operating on distinct timetables.

The valuation that ZPG’s subsidiaries might fetch in future sale processes was unclear this weekend, with some potentially worth less than their implied value in the 2018 takeover.

Many of ZPG’s businesses operate in markets which have come under increasing pricing pressure, with growing competition placing a tighter squeeze on margins.

Uswitch, which claims to have saved consumers close to £3bn on their household bills since sits launch in 2000, is expected to attract interest from bidders, according to insiders.

Other mooted transactions in the price comparison sector, such as the sale of a minority stake in Compare The Market, have not materialised.

Moneysupermarket, which is now publicly traded under the name Mony Group, is among the other major players in the industry.

Accounts filed at Companies House for Zephyr Midco 2 Limited for the year ended December 31, 2023 showed group revenues of £451.5m, up from £391m the previous year.

It made an operating loss from continuing operations of £23.3m, against a comparable figure of £630.1m in 2022.

Silver Lake is one of the world’s biggest private equity firms, holding stakes in companies including Manchester City Football Club’s immediate parent, City Football Group, and the RAC breakdown recovery service.

Sky News revealed last month that the RAC’s owners were preparing to pursue a stock market flotation or sale of the company.

The buyout firm is also an investor in the New Zealand All Blacks’ commercial rights entity, following a protracted approval process.

Silver Lake declined to comment.