THG founder Matt Moulding has launched a ferocious attack on Barclays for their decision to appoint Alex Ham as global chairman of investment banking.
Moulding branded the decision as ‘truly appalling’ and said it ‘beggar’s belief’.
Ham is the co-CEO of Deutsche Numis (previously called Numis) and Moulding is still furious about a critical memo the investment bank circulated in 2021 suggesting that the eCommerce group THG had ‘irregularities in accounting’.
It also spoke about ‘a lack of clarity’ and cast doubt on the value of Ingenuity, which demerged from THG at the start of 2025.
Numis performed a high-profile U-turn by retracting the allegations, apologising and reporting itself to the Financial Conduct Authority.
Lam has been the co-CEO of Deutsche Numis since 2016 and Moulding remains furious about what happened.
Writing on LinkedIn he said: “This appointment is truly appalling and beggar’s belief. Is it any wonder the LSE is broken and in such demise?
“Back in late 2021, some of London’s most senior bankers and investors blew the whistle to me on the wrongdoing by Alex Ham’s Numis against THG.
“Numis had been issuing false and defamatory claims against THG and me, no doubt to drive THG’s price down.
“After being caught red-handed, Numis were forced to withdraw the claims and report themselves to the FCA.
“It’s staggering how the FCA and Barclays leadership team/ethics committee could approve this appointment, in full knowledge of all the deplorable and abusive actions by a company under Ham’s tenure as co-CEO.
“The demise of the LSE accelerates from here. What a disgrace.”
Moulding tagged CS Venkatakrishnan, CEO of Barclays; Cathal Deasy, global co-head of investment banking at Barclays Investment Bank; and Taylor Wright, global co-head of investment banking, into his post.
There’s no evidence that Ham was directly involved in the issuing of the damaging memo.
It was sent by an ‘unnamed employee’ and was followed by an email to clients apologising for ‘some inaccuracies’.
Numis Corporation Plc rebranded as Deutsche Numis following its acquisition by Deutsche Bank, a deal completed in October 2023.
Ham joined Deutsche Numis’ corporate broking team in 2005 and was appointed head of investment banking in 2015 and co-CEO of Deutsche Numis in 2016.
Alex Ham, co-CEO of Deutsche Numis
The profile on his company website said: “Alex is known for pioneering the company’s private growth capital business, advising some of the world’s most ambitious private companies, and was appointed lead of Deutsche Bank’s global private growth capital team in 2024.
“The team connects leading entrepreneurs with global growth investors to deliver strategic equity solutions.”
The demerger of THG Ingenuity into a standalone business was confirmed at the start of 2025 after 89 per cent of shareholders voted for it.
Moulding launched his broadside attack on Barclays after they issued a statement confirming Ham’s appointment as global chairman of investment banking.
Barclays said: “Alex will bring to Barclays a unique combination of connectivity across the global growth and private capital ecosystems, with a proven track record as a trusted adviser to founder-led, high-growth companies.
“His addition will enhance our ability to support clients who are shaping the future through innovation and disruption.
“Mr Ham is a proven leader who brings 20 years of experience and leadership to Barclays.
“He joins from Deutsche Bank where he served as co-CEO Deutsche Numis and head of global private growth capital.
“In growing that franchise, Mr Ham developed strong connectivity between European founders of high-growth companies and the leading global venture capitalists, private equity, and the public equity markets.
“He brings to Barclays deep connectivity in the key technology hubs around the world and strong client relationships with the entrepreneur community globally. This is critical as Barclays looks to be at the forefront of advising clients driving disruption and innovation.”
He starts in early 2026.
In June 2025, former NCC CEO Rob Cotton and Moulding were embroiled in an extraordinary war of words on social media.
BusinessCloud has contacted Deutsche Numis; Barclays; Barclays Investment Bank; and the LSE for fresh comment.