Jobs roundup: Movement in private equity
There were several moves between buy-out funds last week. Several directors and a managing director left two of the top funds, while an analyst at another shifted to a smaller mid-market alternative.
Four directors, including Richard Campin, head of French operations, left 3i's buy-out business amid rumours they were planning to set up a rival fund.
Meanwhile the trickle of departures continued at Terra Firma Capital Partners, a buy-out firm launched in 2002 by Guy Hands. Matthias Moser, a managing director in the Frankfurt office, left to join Eurohypo, a German property investor and mortgage lender.
Moser's departure was the third defection this year by Terra Firma managing directors with a financial services background. Terra Firma is understood to be increasingly interested in staff with operational as opposed to financial experience.
The shift of people between buy-out firms may reflect the relative robustness of the European buy-out market. While private equity as a whole has suffered, data from Initiative Europe, the private equity research company, shows the number of completed buyouts rose from 234 to 254 between the first nine months of 2002 and the same period this year.
European buy-out activity has focused on the top end of the market. However, the rash of big deals was not enough to make Chris Warren, an investment analyst, return to his former employer after completing an MBA.
It emerged last week that Warren will not be returning to BC Partners, a large buy-out specialist, and is instead joining ECI, a UK mid-market buy-out firm. He said the mid-market was more exciting and offered greater variety.
There was also job movement in equity finance and M&A. Deutsche Bank continued to build its US business with the recruitment of two equity capital markets bankers from CSFB. The two will build a new equity finance group within Deutsche's corporate finance division.
UBS hired Stephen Trauber from Morgan Stanley as global head of energy investment banking.
