Corsair hires former UK trade minister

Former StanChart CEO and trade minister Mervyn Davies will source European deals for the firm, which counts StanChart as an 'important' LP.

Corsair Capital has named former UK Minister for trade, investment and small business Mervyn Davies as a vice chairman and full-time partner at the firm. Davies had previously been a member of Corsair’s advisory board, and will be based in the firm’s London office.

Davies was chairman and group chief executive of international bank Standard Chartered, an “important Corsair limited partner”, where he was a member of the board for over 12 years. During his tenure at Standard Chartered from 1992 and 2008, he was involved in the restructuring of the bank, including refocusing the institution on its emerging market roots in Asia, the Middle East and Africa.

“We anticipate that he will be able to add value across all the many aspects of our business, but with a particular focus given his background on Europe and Asia,” Corsair president Ignacio Jayanti told PEO.

Mervyn Davies

Prior to assuming the chief executive position in 2001, Davies served as Standard Chartered’s chief information officer and head of operations. His other roles have included chairman of the Business Council for Britain, chairman of the Hong Kong Association of Banks and member of the Exchange Funds Advisory Committee of the Hong Kong Monetary Authority.

In late 2009, Corsair for the first time engaged the services of a placement agent, Atlantic-Pacific Capital, to help raise the firm’s $2 billion fourth fund targeting investments in financial services.  The firm has begun investing from Fund IV, which aims to investment between $50 million and $350 million in banking, insurance, asset management and specialty finance businesses. Earlier this year, the firm completed an investment from its third fund in UK-based privately held insurance company Torus.

Corsair had been an affiliate of JP Morgan since 1993 and spun out as an independent firm in 2006. It was founded by chairman Nicholas Paumgarten and president D.T. Ignacio Jayanti.