Henderson Private Capital has lost another partner from its European team, just two months after the departure of Toby Boyle, the London-based head of its European operation.
Roberto Italia, the head of the firm's Milan office, is understood to be joining a rival private equity firm in Italy. He joined the firm in 2003 from Warburg Pincus, and was responsible for its acquisition last April of Redecam, a producer of filters for the cement industry.
His departure follows the loss of Toby Boyle in mid-November. Boyle had been in the role since joining from Morgan Grenfell Private Equity in 2001, and is thought to have left over disagreements with the firm's global head Roger Greville about investment strategy and fundraising plans. Italia's departure is said to be for unrelated reasons.
In October Henderson also lost Jan Faber, the head of its fund of funds division, who left to head up the London office of Bregal Investments, the investment vehicle for the Brenninkmeijer family fortune.
Henderson Private Capital is the private equity arm of London-based investment firm Henderson Global Investors. It is currently investing European Partners I, a €400 million ($524 million) fund targeting €10 to €60 million MBOs and expansion capital, predominantly in the UK, Italy and Germany.
It completed four acquisitions in 2004, including most recently the €140 million buyout of German chilled food producer Homann-Feinkost. The fund is currently approximately 60 percent invested.
Henderson Global Investors has been independent since its December 2003 demerger from Australian insurer AMP, which acquired it in March 1998. Its holding company HHG plc is listed on the London and Sydney stock exchanges.