Global private equity firm Permira – ranked eighth in the PEI 50 – has appointed James Fraser to head its newly formed financial services team. He will lead a team of 11 professionals in sourcing financial sector investment opportunities around the globe.
Fraser comes from LEK Consulting, where he has spent 20 years, 14 of which were focused on financial services. He was latterly co-head of the firm’s global financial services practice.
Other senior members of Permira’s staff with a financial services background include John Coyle, former global head of the financial sponsors group at JP Morgan Securities, Gerrit Zalm, a political heavyweight and former Dutch minister of finance, and Daniel Healy, a former North Fork BanK chief financial officer and executive vice president.
Damon Buffini, chairman and former managing partner of Permira, also worked for LEK Consulting before joining Permira in 1998.
Permira currently has limited exposure to the financial services sector through its investment in Acromas, the holding company formed following the £6 billion (€7.4 billion; $9.7 billion) merger of UK businesses Saga and the AA in September 2007. Through its two subsidiaries, Acromas provides retail insurance products to drivers and the over 50 years of age segment.
Permira manages assets of about €22 billion, and has made 190 investments since its inception in 1985.
In related news, Permira added KPMG international vice chairman Hiroaki Yoshihara in October as a senior advisor in Japan to focus on technology, media and telecom deals.