JP Morgan’s global co-head of mergers and acquisitions is defecting to buyout firm TPG, in the latest example of buyout firms poaching talent from the banks that advise them on deals.
Dag Skattum has left the bank to join US private equity firm TPG as a partner, according to an industry source. TPG declined to comment.
Skattum was named co-head of JP Morgan’s global mergers and acquisitions division in May 2006, following the departure of Robert Kindler. Skattum was previously the head of European M&A, among other roles in his more than two decades with the investment bank.
Following Skattum’s departure, his old job will be split between Larry Slaughter, formerly European head of financial sponsors, and Hernan Cristerna, previously the global head of consumer M&A. The pair have been appointed as co-heads of the bank’s M&A practice in Europe, the Middle East and Africa.
Slaughter’s role, which involves managing the bank’s relationships with its lucrative private equity clients, will be filled by Karen Simon, a managing director, who becomes one of the few women in a largely male-dominated world.
Investment banks have long been a fertile hunting ground for private equity firms looking to recruit talent. One recent high-profile example was HSBC banker John Studzinski, who left the bank after just three years to take a job running Blackstone’s corporate finance advisory arm.
[Additional reporting by Amanda Janis]