ICG announces change in leadership

ICG announces that after 23 years with the Company Christophe Evain, Chief Executive Officer and Chief Investment Officer, has decided to step down from his responsibilities at the Company’s Annual General Meeting on 25 July 2017.

The Board has appointed Benoît Durteste to replace Christophe Evain as Chief Executive Officer and Chief Investment Officer, with effect from that date and subject to his re-election as a Director at the AGM.

Benoît Durteste joined ICG’s European team in 2002, becoming an Executive Director and member of the Executive Committee in 2012. Benoît is currently Head of European Investments directly overseeing a number of the group’s largest strategies, and is a member of all ICG’s key Investment Committees worldwide. Benoit is a leading fund manager and, since joining the Executive Committee, has been closely involved in setting and delivering the Group’s strategy, including leading the Group’s global expansion into the secondaries asset class.

The Nominations Committee of the Board has kept executive succession under regular review and recently engaged an external search firm to complement its work. After benchmarking a number of external candidates, the Committee concluded that Benoit Durteste’s extensive investment and fundraising experience, deep knowledge of the Company and its operations, and commitment to increasing shareholder value through the delivery of the Group’s strategic objectives made him the outstanding candidate to be appointed Chief Executive Officer and Chief Investment Officer.

Kevin Parry, Chairman of ICG, said:

“On behalf of the Board and management team of ICG, I would like to thank Christophe for his outstanding contribution to the Company over the last 23 years, the last seven of which have been as Chief Executive Officer. During his tenure as Chief Executive, the Company has successfully transitioned from an investment company to a fund management company supported by ICG’s balance sheet.

“Whilst it is always disappointing when a successful Chief Executive Officer wishes to step down from his executive responsibilities, I am delighted that Benoît Durteste will succeed Christophe from July. This ensures a continuity of management at a time when market conditions are favouring alternative asset managers. Together with my Board colleagues, I look forward to continuing to work with Benoît to deliver further strategic developments and shareholder value.”

Christophe Evain said:

“I am proud of what we have achieved to date at ICG, delivering strong profitable growth and transitioning our business model from being primarily an investment company to a leading specialist asset manager. In so doing we have generated substantial shareholder value. After 23 years at ICG, my decision to retire has not been an easy one to make; however, I leave the Company in capable hands with Benoît and the rest of the management team. I wish Benoît, the rest of the Board and the whole ICG team every success for the future.”

Benoît Durteste said:

“It is an honour to have been asked to succeed Christophe as Chief Executive Officer and Chief Investment Officer of the Company. Since joining ICG, I have found Christophe’s experience and advice, coupled with his commitment to the success of the business, invaluable. The Company is well positioned to take advantage of the opportunities that the current market conditions present and I look forward to working with the Board and the wider management team to deliver our strategy. Finally, on behalf of everyone at ICG, I wish Christophe all the best for the future.”

This statement contains information which, prior to this announcement was insider information.