London-listed private equity firm LMS Capital has hired City grandee David Verey as a non-executive director, roughly a year after he resigned as The Blackstone Group’s UK chairman.
“I would be keen to find an executive position. They’re great guys at Blackstone and I’ve been there five years, I’m just keen to move on,” Verey told PEO when he resigned in April 2008.
Before joining Blackstone he spent less than a year at JPMorgan Cazenove, prior to which he'd spent 28 years at Lazard Brothers, becoming its chief executive in 1990 and chairman in 1992.
“David has over 30 years of experience as one of London’s leading financial services professionals and he will be of great value to our business as we seek to deliver sustained medium to long term growth for our shareholders through our risk-diversified portfolio,” Robbie Rayne, LMS CEO, said in a statement.
Verey remains a member of Blackstone’s international advisory board. He is also a non-executive director and chair of the audit committee for Daily Mail & General Trust.
LMS began trading on the main market of the London Stock Exchange at the end of June, having previously traded on the exchange’s AIM platform. As of 30 June, LMS’ portfolio’s book value was valued at £202 million.
The development capital-focused firm’s most recent deal was in July, having paid £6.2 million for a majority stake in broadband company Updata Infrastructure UK. LMS' investments span the energy services, media and consumer, applied technology and healthcare sectors, and include companies such as London’s Richoux restaurant group and luxury travel website Luxury Link.
LMS also invests in real estate via Voreda Capital, Brockton Capital and Patson-VNO Holdings, a joint venture with Vornado that pursues development in the San Francisco Bay Area.