Katharina Lichtner, who previously headed Capital Dynamics' research and communications functions, is leaving to work on an unrelated start-up business. However, she will continue to be actively involved with the firm as a senior advisor, retaining her position on both the investment committee and the board of the parent company.
Lichtner will not be replaced directly; instead, the advisory and investment management firm plans to divide her day-to-day operational and managerial responsibilities among other members of the team.
At the same time, the Zug-based alternative asset manager has announced three additions to its senior management ranks.
Managing director George Georgiou, who has been running CapDyn's back office for the last six years as head of portfolio servicing, is being promoted to chief operating officer, overseeing the IT, systems and office management teams, while director Emma Anderson, previously head of finance and accounting, becomes chief financial officer.
Both appointments are a direct consequence of the firm's decision last year to promote Stefan Ammann to chief executive, a move that allowed co-founder Thomas Kubr to take an executive chairman role. Ammann previously acted as both COO and CFO of the firm.
Both Georgiou and Anderson have effectively been performing these roles ever since, Ammann told Private Equity International – although their promotions are only now being formally announced to investors.
CapDyn has also promoted managing director Mark Drugan to a new role as head of investment management for Europe. It means a broader remit for Drugan, who currently oversees the firm's European mid-market activities. He will continue to report to John Gripton, the firm's global head of investment management for private equity.
Kubr told PEI that there was no need for CapDyn to look beyond its internal candidates. “There's no way outside people can do this better than our own. These are great people; they've been at the firm for many years and we know them well.”
The appointments are also a consequence of recent growth, he said. “Unlike many of our competitors, we have actually grown over the last few years; we've expanded the top line significantly, and the majority of that has been organic. And as we've grown, we've strengthened our bench step by step. I always like us to be a little bit ahead of what we need, so we can withstand growth shocks: if you get new accounts suddenly, you need to have the systems and people available to take care of that.”
With an expanded management team, the firm is now better positioned for future growth, Ammann added. “It's about expansion – we're putting in place the pillars on which we can build the business going forward.”