Three more senior staff depart Danske – exclusive

The moves relate to Danske Bank’s decision to streamline the back-office functions of a number of its wealth management businesses.

Danske Private Equity partners Klaus Friis and Michael Maigaard have left the Danish fund of funds, along with principal Jesper Knutssøn, Private Equity International has learned.

Investors were informed of the departures in late September, a spokesman for Danske confirmed. The departures come less than four months after John Danielsen, founder of Danske Private Equity, and senior partner Peter Thellufsen, left.

These and the June departures are understood to relate to Danske Bank’s decision to streamline the back-office functions of a number of its wealth management businesses, including the private equity unit.

The firm is not currently fundraising and is now actively recruiting for senior private equity staff, the spokesman said, adding that the firm is capable of “performing its current tasks with the current crew”.

“We want to continue raising capital to invest in this space,” the spokesman added, saying the investment strategy, structures and processes of the funds remain unchanged.

The team is now led by chief executive Michael Norgaard, who moved to the unit from the bank’s treasury department this year. Norgaard has managed private equity allocations as part of the bank’s proprietary capital and has been a member of the Danske Private Equity board since 2008.

Danske Private Equity, a wholly owned unit of Danske Bank, will be “integrated more closely into Danske Bank Asset Management”, according to the June statement, which hinted at an overall reduction of headcount through “operational synergies”.

The fund of funds currently manages €3.7 billion of investor commitments, investing in small and mid-market buyout funds in Europe and North America.

By Alex Lynn, Isobel Markham and Toby Mitchenall.