Chief economist departs BVCA

Economics heavyweight Roger Kelly has left his position as chief economist at the British Private Equity and Venture Capital Association (BVCA).

Kelly, a former adviser to the Bank of England’s Monetary Policy Committee and to the European Investment Bank in Luxembourg, was appointed in October 2008 to give “greater strategic direction” to the BVCA’s research function and – via increased research – to enhance relationships with government, investors, academia and the industry itself.

The BVCA is in the final stages of the recruitment process for a replacement for Kelly and is likely to make a decision within the next two weeks.

Kelly’s departure does not signify a rethink in the BVCA’s ongoing efforts to boost its research activity, said Tim Hames, spokesman for the BVCA in a telephone interview. “If anything it will probably accelerate the work that was already there, which was about trying to combine both short-term immediate, membership-led research requests with bigger-picture, more abstract industry research projects,” he said.

Kelly held a seat on the recently created BVCA research advisory board: a body – chaired by Apax Partners’ Richard Wilson – which is to meet three times a year to guide the association’s research efforts.

Roger Kelly was not contactable at the time of going to press.