RBS appoints former sponsors head to lead disposals

RBS has appointed JP Morgan’s former head of financial sponsors to oversee realisations within its strategic investment group, which manages assets acquired through debt for equity swaps or restructurings.

Dan Haxby, who joined Royal Bank of Scotland’s global banking and markets business almost three years ago from JP Morgan, has been appointed as head of realisations at the bank’s strategic investment group (SIG), according to a statement.

Haxby, who was formerly head of financial sponsor coverage at JP Morgan prior to joining RBS in September 2008, begins his new role on 1 September.

He will be responsible for equity positions that the bank takes through debt for equity swaps and new investments in restructuring situations, RBS said.

As well as being responsible for managing disposals of these assets, he will also oversee new investments, a spokesman said. RBS currently has equity stakes in more than 300 companies, it said.

RBS’ SIG unit sits within the bank’s global restructuring group. Examples of its investments include luggage-maker Samsonite, into which the bank injected fresh equity before floating the business on the Hong Kong Stock Exchange 18 months after it first invested in the company.

Haxby commented in a statement:  “Identifying the right equity opportunities and exit plans will be a critical feature in managing this significant portfolio.”

John Davison, global head of SIG, added: “This is an important appointment, helping RBS to maximise the value of the substantial portfolio the Strategic Investment Group holds.”