ICG Asia chief Chris Heine to step down in July

Intermediate Capital Group has announced its head of Asia Pacific, Dr Chris Heine, is to retire from the business later this year.

Heine, who will step down on 30 July, will be replaced by Ryan Shelswell, who joined ICG in 2010 and is currently responsible for overseeing the firm’s investments in Australia and New Zealand.

Heine joined ICG in 2006 and sits on the investment committee for its Asian, and European Fund IV and V, having previously spent seven years at CVC Asia Pacific.

During his time at ICG he has played a significant role in expanding its Asian presence, including establishing its Singapore office and creating a joint venture with Japanese investment bank Nomura. He is retiring to pursue other interests.

ICG said Shelswell is the natural successor to Heine. He has been part of the firm’s Asia Pacific investment committee since 2014 and established ICG’s sponsorless deal capability across the region. He has completed seven deals across Australia and New Zealand worth more than $700 million.

Shelswell will report to Benoit Durteste, chief investment officer and CEO, who said: “I’m excited to build on our Asia Pac success with Ryan, who has a strong track record in sourcing and executing deals and who has worked to expand our coverage from sponsor mezzanine into the full set of ICG’s strategies.

“We expect Asia will continue to deliver strong GDP growth over the next five to ten years and we want ICG to take an active role in financing that growth.”