In preparation for its new fund-raising exercise, the private equity arm of Deutsche Bank has dropped “Development Capital” from its name and adopted the title Morgan Grenfell Private Equity (MGPE) in order more accurately to reflect the full spectrum of its activities. At press time, MGPE had not offically announced a target figure for its new fund. However, chief executive Graham Hutton has recently spoken of a target as high as $2.5 billion, a total which would put the new vehicle on a par with Doughty Hanson’s most recent fund.
Advisers on Private Equity, headed by Dr Andre Jaeggi and Bruno Raschle, has moved to Stampfenbachstrasse 40, 8035 Zurich, tel +41 1 365 32 00, fax +41 1 365 32 10.
Alchemy Partners has strengthened its German advisory group though the addition of Dr Ingo Zemke, who joins from Dresdner Kleinwort Benson’s private equity arm.
Alchemy late last year appointed partner Scott Greenhalgh to head its German team, which now numbers five in all; the other members are Peter Asbach, Dr Stefan Hagemann and Dr Michael Klein. The team can be contacted at Alchemy Beteiligungsberatung GmbH, Mergenthaleralle 79-81, 65760 Eschborn, tel +49 6196 47 550, fax +49 6196 47 5529.
Apax Partners & Cie has added two charges d’affaires to its Paris team. Herve Descazeaux, who will focus on leveraged acquisitions and buy-and-build transactions, joins from Price waterhouseCoopers. Herve Descazeaux spent two years in Price Waterhouse’s high-tech office in Washington DC before moving to the specialist technology team in Paris.
Maurice Khawam, who will focus principally on information technology investments, began his career as a consultant with Oracle Corp in Boston. He later moved to Oracle France as head consultant before moving to Informix Software France.
Jurgen Immer, the newly appointed German principal of BancAmerica Equity Partners (story, page 11), can be contacted at Ulmenstrasse 30, 60325 Frankfurt, tel +49 69 71 00 1 437, fax +49 69 71 00 1 420.
Electra Fleming GmbH, formerly FBG Beteiligungsberatungs-GmbH, has moved. The team, headed by Wolfgang Bensel and Christoph Tiefenbacher, can now be contacted at Colonnaden 3, 20354 Hamburg, tel +49 40 355 30 80, fax +49 40 358 95 81.
Friends Ivory & Sime Private Equity (FIS Private Equity) has promoted Shani Zindel, who joined the group in March 1997 as an investment executive, to an associate directorship.
The group’s portfolio team, headed by Sheenagh Egan, has been strengthened by the appointment of Melanie Perkins as a portfolio consultant. Melanie Perkins worked as an investment director with 3i until 1993.
Sam Cubac, director of GE Capital Equity Capital Group’s new Israeli office (story, page 16), can be contacted at Eliahu House, 2 lbn Gvirol Street, Tel Aviv, 64077 Israel, tel +972 3 695 8466, fax +972 3 6969436.
Paul Marson-Smith, who joined Gresham Trust from 3i in April 1997, has been appointed managing director of the private equity house, whose ultimate parent is the Zurich Financial Services Group. He replaces Trevor Jones, who spent 18 years with Gresham, the past eight of them as managing director. Trevor Jones is leaving the firm, as is director David Ascott. Paul Brooks, the former managing director of Prudential Venture Managers and a non-executive director of Gresham for the past three years, becomes non-executive deputy chairman.
According to Gresham chairman Paul Manduca, Gresham Trust may now consider raising its first independent fund from third-party investors. During the past four years, Trevor Jones presided over a sixfold increase in investment rates at the mid-market specialist group.
Tony Watson. chief executive of AMP Asset Management until its merger with Henderson Investors, has been appointed as a director and chief investment officer (CIO) of Hermes Pensions Management. One of the UK’s leading fund managers, Tony Watson was previously CIO at Citicorp Investment Management and managing director of Touche Remnant Pension Fund Management.
Alastair Ross Goobey, who has combined the roles of Hermes chief executive and CIO since 1993, commented: “As Hermes has developed its business beyond its original “in-house” format, it has become clear that I could not realistically fill both chief executive and CIO roles. Tony will supervise and develop our investment processes, leaving me as chief executive to lead the organisation forward as we seek to become a still more commercial and successful business”.
Hermes and its subsidiaries manage investment assets of approximately GBP35 billion, including the GBP23 billion BT Pension Scheme, and is continuing to add clients on a strictly controlled basis. Hermes Liberty International Pensions recently won a GBP300 million UK-index-matching mandate from the J Sainsbury Pension Fund.
The address for Hicks, Muse, Tate & Furst’s new UK office is 5th Floor, Queensbury House, 3-9 Old Burlington Street, London W1X 1LA, tel +44 171 494 8300, fax +44 171 494 8383.
Horsley Bridge International in November moved to new premises and can now be contacted at 4 Cork Street, London W1X 1PB, tel +44 171 533 9700, fax +44 171 534 9711.
Kleinwort Benson Development Capital has moved to Riverbank House, PO Box 18075, 2 Swan Lane, London EC4R 3UX. Its telephone and fax numbers are unchanged.
Harry Jeavons-Fellows has joined Murray Johnstone Private Equity’s (MJPE’s) Birmingham office as an investment manager, where he will work alongside the existing team of David Sankey , Richard Whitewell and Jackie Horton. Harry Jeavons-Fellows was previously a director in Robson Rhodes’ corporate finance division, which he joined in early 1998 following nine years with Arthur Andersen and a brief stint as managing director of a sportswear company.
MJPE has also announced two appointments to its Glasgow team. Ken Tierney, who joined MJPE in 1987 and has played a key role in the development of the group’s portfolio management team, has been promoted to investment director. He is also assistant fund manager for Murray Johnstone’s three venture capital trusts.
Derek Ferguson, who was appointed an investment manager, joined MJPE three years ago as part of the portfolio management team, where he was primarily responsible for management of the group’s Scotland-based investments.
Julie Meyers joined NewMedia Investors as an assistant director in September. A US national, Julie Meyer brings eight years’ experience of international consultancy in technology marketing, market research, cross-cultural communications and e-commerce to the specialist corporate finance boutique. Her most recent role was manager of the Motorola PowerPC account for Cunningham Communication.
NewMedia Investors director Andrew Carruthers commented “Julie’s hands-on experience consulting to e-commerce, semiconductor, software and media firms fits well with the portfolio of clients we have. Many of the companies we work with are expanding to the US, and we are constantly expanding our ability to help them win in the US market”.
Keith Jenkins has been appointed a director of PZ Rona, the Jersey-based private equity firm that specialises in Hungarian investments. A former managing partner of KPMG Jersey, Keith Jenkins is also a director of several private investment and property companies, a bank subsidiary trust company and a bank loan securitisation company.
Meanwhile, the group’s London-based subsidiary Rona & Co has moved to new offices. Michael Carter’s team is now based at 27 Austin Friars, 3rd Floor, London EC2N 2QP. Telephone and fax numbers, respectively +44 171 256 7100 and +44 171 256 7101, are unchanged.
Georges Blum, the former chairman of Swiss Bank Corporation, in 1999 will become vice chairman of Unigestion Holding’s board and chairman of the group’s private equity activities. Unigestion expects George Blum’s experience and prestige to contribute to the company’s growth as it works to expand its business and presence in institutional markets both in Switzerland and the rest of Europe.