Avoca hires London investment banker as co-CEO
IRISH fund manager Avoca Capital has hired a London-based investment banker as its new co-ceo.
UK-based James Hatchley will work alongside the company founders Alan Burke and Donal Daly, Avoca said in a statement.
Mr Burke and Mr Hatchley will be co-chief executive officers, with Mr Daly remaining as chairman of the firm.
Mr Burke and Mr Daly founded Avoca Capital in 2002 after leaving AIB where both worked in the bank's acquisition finance team.
The latest hire comes as the Irish firm said it's eying opportunities expected to arise as a result of the continuing restructuring of the European banking and credit markets.
"Since we established the firm in 2002, we have grown Avoca both organically and through acquisition," Mr Burke said.
"Throughout that period we have focused on ensuring that our business infrastructure and management resources have matched the development of the firm. James's appointment is consistent with that philosophy and also reflects our belief in the future growth opportunities available to Avoca."
Mr Hatchley will be based in London and Dublin. He joined Avoca from financial advisory firm Freeman & Co where he was a managing director.
Avoca is headquartered on St Stephen's Green, Dublin, which is home to the bulk of its 50 staff who manage some €6bn in assets for institutional clients, including one of Europe's biggest portfolios of corporate loans.
Avoca's main European rival, Harbourmaster -- also based in Ireland -- was bought by US fund manager Blackstone earlier this year.
Last year Avoca closed its own deal to buy a €100m UK hedge fund business from Liontrust Asset Management, in its first venture into the lucrative but often controversial world of hedge fund investment.
Avoca's business is mainly focused abroad but it is among the main lenders set to take control of Eircom next week, when the telecom company is handed to lenders under a deal to write off 40pc of the company's €4bn of debt.