HarbourVest listed fund CFO resigns

Steve Belgrad has resigned to take up a senior position at the US asset management arm of insurance, savings and investment group Old Mutual.

Steve Belgrad, the chief financial officer of Harbourvest Global Private Equity, a Euronext and LSE-listed investment vehicle which committed capital to and alongside HarbourVest Partners' funds, will leave the firm at the end of the month according to a statement.

He will join the asset management arm of Old Mutual as chief financial officer, OMAM said in a statement. He starts on June 1. He becomes a member of OMAM's executive management team.

OMAM has also hired Aidan Riordan, a partner at Baltimore-based lower mid-market buyout firm Calvert Street Capital Partners, as a senior vice president and director of affiliate development, the group said. OMAM is currently looking for a head of global distribution, who will be based outside the US.

Belgrad joined HarbourVest in 2008 and was responsible for managing HVPE’s investment guidelines, portfolio monitoring and engagement with investors, analysts and the board of directors.

Prior to joining HarbourVest, Belgrad worked at asset manager Affiliate Managers Group as a vice president in the firm's new investment group. He previously worked for Janus Capital Group and Morgan Stanley's financial institutions group.

HarbourVest said in a statement that Belgrad’s resignation would take effect on May 31. Brooks Zug, senior managing director at HarbourVest and a director of HVPE, said: “Current senior HarbourVest personnel will continue to manage HVPE seamlessly until the company appoints a successor to Steve, at which time a further announcement will be made.” 

Sir Michael Bunbury, chairman of HVPE, said: “Steve has helped steer HVPE through an eventful period, and we are grateful to him for his valuable advice as CFO. He leaves with our best wishes for the future.”

Belgrad said: “I'd like to thank the Board of HVPE and my colleagues at HarbourVest for their support and their commitment to HVPE. I am very confident that HVPE is well positioned for the future”.