1 Feb 2019 09:00
Intermediate Capital Group plc :
Intermediate Capital Group plc - Board Change
The Board of Intermediate Capital Group PLC (the Company) announces that Vijay Bharadia will be appointed as a Director of the Company, subject to regulatory approval. He will serve as Chief Financial and Operating Officer (CFOO) and is anticipated to take up his position in May 2019. He will stand for shareholder election as a Director of the Company at the Annual General Meeting on 25 July 2019.
Vijay will replace Philip Keller who, as previously announced, will retire to pursue interests outside the City. Mr Keller will leave the Company following the announcement of the year end results and an appropriate handover period.
Mr Bharadia has extensive experience as a CFO in the alternative asset management sector and, in particular, of helping drive significant international growth. He has worked for the past decade as International CFO for Blackstone with responsibility for financial, tax and regulatory reporting across Europe and Asia, as well as holding a wider operational and governance brief. Prior to that, he worked at Bank of America Merrill Lynch in a variety of roles, latterly as Co-CFO for EMEA Equities.
Mr Bharadia will work closely with Chief Executive Officer, Benoit Durteste, on implementing the Group’s strategy, with responsibility for finance and operations.
The Company confirms that there are no further disclosures required to be made under Listing Rule 9.6.13.
Kevin Parry, Chairman, said: "We are delighted to announce the appointment of Vijay Bharadia, following a wide ranging, global search. The strength of his financial and operational experience and track record of taking an alternative asset manager through a significant growth phase will be of great value to us as we continue our growth strategy. The Board looks forward to his joining the Company in May.”
Vijay Bharadia said: “ICG has an excellent reputation as a leading alternative asset manager, consistently delivering strong results for the benefit of all its stakeholders. The Company has great potential for the future and I am delighted to be joining a firm of this calibre and look forward to helping Benoit and the ICG team build on its success.”
EndsContacts:
Ian StanlakeInvestor Relations, ICG plcD: +44 (0) 20 3201 7880ian.stanlake@icgam.com
Alicia WyllieCorporate Communications, ICG plcD: +44 (0) 20 3201 7994M: +44 (0) 7808 610 080Alicia.wyllie@icgam.com
Andy LewisCompany Secretary, ICG plcD: +44 (0) 20 3201 7754andrew.lewis@icgam.com
About ICGICG is a specialist asset manager with over 29 years' history.
The company manages €35.2bn* of assets in third party funds and proprietary capital, principally in closed-end funds. Its goal is to generate income and consistently high returns while protecting against investment downside. Investing across the capital structure, ICG combines flexible capital solutions, local access and insight with an entrepreneurial approach. ICG operates across four asset classes – corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, the company is committed to innovation and pioneering new strategies across these asset classes where the market opportunity exists to deliver value to fund investors and increase shareholder value.
ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at: www.icgam.com. You can follow ICG on Twitter and LinkedIn.
*as at 31 December 2018