LGV Capital, the captive private equity arm of Legal & General, the UK financial services firm, has appointed Ivan Heywood to succeed Adrian Johnson as chief executive.
Heywood and Johnson have worked at LGV Capital for more than 17 years. Johnson became chief executive of the firm in 2000, having joined in 1989. Previously he worked at 3i, the UK investment firm, which he joined in 1983. Before 3i, he worked at Pricewaterhouse Coopers, the Big Four accountant.
Heywood began at LGV in 1990. He joined from PWC, where he worked in the corporate finance division and previously qualified as a chartered accountant.
LGV closed its fifth fund in December 2005 on £200 million ($391.3 million; €255 million). The firm has recently sold IDH Group, the largest dentist in the UK, to Merrill Lynch Global Private Equity, the captive arm of the US bank, for an undisclosed amount, as one of three exits in February.