8 June 2009
Advent International, the global private equity firm, today announced that Bob Wigley has signed with Advent as an Operating Partner advising in particular on opportunities in financial services in Europe.
Mr Wigley has extensive experience in the financial services sector having spent more than ten years until January 2009 with Merrill Lynch in a number of management positions, serving most recently as Chairman of Merrill Lynch Europe, Middle East and Africa. A former member of the
Court of the Bank of England, he has also held a number of non-executive roles including sitting on the boards of Euroclear plc and LCH.Clearnet plc. Bob is Deputy Chairman of Business in the Community (the UK corporate social responsibility organisation) and is cochairman
of the National Education Employer Partnership Taskforce.
James Brocklebank, Managing Director, Advent International said, “Bob’s breadth of experience and his impressive track record in the financial services sector will be extremely valuable to us in further developing our global investment strategy in this sector. He brings with him genuine hands-on experience and a broad network of contacts which will help us to identify and develop the right investment opportunities in financial services and more generally across our other industry sectors.”
“It is a particularly interesting time to be involved in the financial services sector as the global financial system begins to rebuild. We believe that the private equity model will provide a flexible and suitable funding solution for many institutions seeking to unlock future value in
Commenting on his new role, Bob Wigley said, “Advent is one of the world’s most experienced private equity investors in the financial services sector. I look forward to sharing my industry experience with the Advent team and am extremely excited about the opportunities that our new relationship will bring.”
Advent is one of the leading global investors in financial services having completed investments in 16 financial services companies in the last four years with a combined enterprise value of more than $7.5 billion. Advent has signed two financial services investments in the last two months, Fifth Third Processing Solutions, the US payments processing business and CETIP, the largest central depository for private fixed-income securities and over-the-counter (OTC) derivatives in Latin America.
Advent’s Operating Partner Programme involves business leaders from a range of sectors working as consultants to the firm in a variety of ways: sourcing investment opportunities, assisting with the due diligence process and advising on the strategic and operational development of portfolio companies. The use of operating partners is a fundamental and long-established element of Advent’s highly operational approach to investing. The programme currently includes over 60 high-level individuals, many of whom have been involved in multiple Advent investments.