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Standard Life hires North American head

The private equity investment unit of UK-based Standard Life Group has hired Eric Albertson to lead its growing US team, which last year suffered an executive exodus.

SL Capital Partners, the private equity branch of the Standard Life Investments group, has hired Eric Albertson as its North American investment director.

Albertson will be based in SL Capital’s Boston office and is charged with managing the firm’s $625 million (€402 million) of US capital including the $430 million raised from parent company Standard Life.

The new recruit was previously a director with Bank of America Capital Advisors, where he was responsible for a $900 million portfolio of private equity funds and direct co-investments. Earlier, Albertson was the chief financial officer of Chicago-based Edgewater Private Equity Funds.

“We anticipate making additional hires in the coming months to further strengthen our US private equity programme,” said SL Capital chief executive David Currie in a statement.

The hire appears to be part of the firm’s efforts to rebuild its Boston-based team following the departure of six out of seven executives in October 2007. The mass exodus followed the sale of a 40 percent stake of the private equity business to nine Edinburgh-based managers.

UK-based Standard Life Group provides life assurance and pensions, investment management, banking and healthcare products. Its investment arm, Standard Life Investments, has offices in the US, Europe and Hong Kong and manages worldwide assets of approximately $285.5 billion.

SL Capital offers private equity investment through fund of funds, bespoke arrangements and retail products. The firm has raised a total of approximately €5.9 billion private equity assets globally. SL Capital concentrates on buyout funds and makes selective commitments to secondary funds. The firm also makes co-investments alongside selected fund managers.

In Europe, the firm has four limited partnerships and a listed fund called the Standard Life European Private Equity Trust. SL Capital also manages European fund of funds and co-investment private equity portfolios for three segregated clients.

In the US, SL Capital manages two North American Strategic Partners (NASP) investment vehicles. NASP held a final close on $149 million in September 2005 and NASP 2006 held a final close on $300 million in January 2007.