G.P. HSBC Private Equity Head Ousted –

Ian Forrest, a managing director at HSBC Private Equity and head of the firm’s global private equity group, last month took a leave of absence from his position.

A source familiar with the situation said Forrest had been forced out as head of the group by the rest of HSBC Private Equity management. The source said management felt Forrest had demanded too large a share of the firm’s carry.

At press time, Forrest could not be reached for comment. An executive at HSBC Private Equity’s London office declined comment for this article.

HSBC Private Equity is one of Europe’s largest private equity firms, and recently closed on a $2 billion private equity fund for investments in the U.K. and continental Europe. The major investors in that fund are HSBC Holdings plc and Bell Atlantic Corp.

The group also has extensive operations in Asia.

Under Forrest’s leadership, the group’s European investment activities focused mainly on middle-market recapitalizations and growth capital investing. The source said the private equity group may also have been unhappy that HSBC had not moved into technology investing sooner.

HSBC Private Equity’s second-in-command is Chris Masterson.