Mervyn Davies, the ex-head of Standard Chartered bank who was last year appointed as Trade Minister by then Prime Minister Gordon Brown, has been hired by Corsair Capital, the financial services-focused buy-out firm that used to be part of JP Morgan.
Lord Davies will become a partner in Corsair’s London office and will be called upon to source new deals in Europe and Asia using his deep contacts in the financial services sector.
The notable private equity appointment follows Lord Davies’ decision not to stay on as Trade Minister for the UK’s recently instated coalition government.
He was called upon by Gordon Brown to help the government deal with the banking crisis following the onset of the financial downturn, because of his past experience as Standard Chartered’s chairman.
A further example of Davies’ stature within the financial world is the CBE he was awarded by the Queen in 2002 for his services to the sector.
Speaking on Davies, Corsair told investors in a letter, “His energy, relationships and perspective as a successful financial services industry leader will be very valuable to Corsair, our investors and portfolio companies in capitalising on the significant changes affecting the industry for the years to come.”
In December last year it emerged that Corsair, which spun out of JP Morgan in 2005, was in the process of raising its $2bn fourth fund, Corsair IV Financial Services Capital Partners.
Since its founding in 1993, the Corsair team has invested around $6bn from three funds across the financial services industry in most major geographies including the US, Europe and the frontier markets of Latin America, Asia and Central Europe.
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