ICG, formerly known as Intermediate Capital Group, will lose one of its longest-serving executives in March next year when Tom Attwood retires. Currently an executive director, he led the firm between 2005 and 2010 before handing over the chief executive reins to Christophe Evain.
Attwood helped ICG raised capital from 1989 onwards, and became a non-executive director in 1993. In 1996 he formally joined ICG as a managing director.
In a statement, Attwood said: “I have always said I would like to retire by the age of 60 and now that deadline is looming. I have thoroughly enjoyed my time at ICG and while I am tremendously proud of everything we have achieved, I am proudest of all of the quality of the team we have built. It is their hard work, integrity, wisdom and humour which I will miss most and which, led by Christophe, shareholders can rely upon to make ICG’s future a great success.”
During his tenure as chief executive, ICG grew third party assets under management threefold. Justin Dowley, ICG chairman, credited him with leading the firm through the credit crisis and positioning the firm to take advantage of emerging opportunities in debt markets worldwide. He was also one of the first people in the industry to predict the credit crunch in 2007.
The announcement of Attwood’s retirement came as ICG posted strong results for the six months to September 30. During that period, the group held a first close on €1.1 billion for its ICG Europe Fund V, which included a €500 million co-investment from ICG, as it seeks €2 billion for the fund. The firm posted profit before tax of £109 million.
The results surpassed analysts’ expectations and led to strong gains for ICG’s share price.