3i set to appoint ex-City banker as chief 3i, the UK's largest listed private equity group, is set to name Simon Borrows as its new chief executive this week in a move that will appease unhappy shareholders. Mr Borrows, a senior city banker who joined the company last year as chief investment officer from investment bank Greenhill, will replace Michael Queen who announced his resignation in March after three years in the job and 25 years at the company. Mr Borrows is one of London's best-known bankers and has been involved in high-profile deals such as the sale of EMI to Guy Hands" Terra Firma. He was also the main adviser on 3i's initial public offering 18 years ago. Before his spell at Greenhall he was chief executive of Baring Brothers International, the corporate finance division of ING Barings, after beginning his career at Morgan Grenfell. The appointment is expected to be welcomed by shareholders of 3i, which reports annual results on Thursday, who have become frustrated by the company's lacklustre performance under Mr Queen's time at the helm. During his three-year tenure, Mr Queen sought to improve the state of the group's balance sheet and succeeded in reducing its net debt from £1.9bn in March 2009 to £531m in September 2011 However, the private equity group reported a loss of £523m in the six months to September 30 last year. In the past year, the shares have lost about a third of their value. Investors will hope that the appointment of Mr Borrows will see the introduction of a new strategy to improve returns and improve the company's rating. Shareholders have become increasingly frustrated by the large discount between 3i's share price and the net value of its portfolio. In March, Laxey Partners, the activist hedge fund which holds 0.9 per cent of 3i, revealed its displeasure by calling for the group to sell investments and return cash to shareholders until the shares ceased to trade at a discount. It said that 3i should make no new investments until the discount was eliminated, except investments to which it had already committed or those necessary to protect or enhance the value of existing assets. 3i declined to make any comment.