Graham Hutton, CEO of Morgan Grenfell Private Equity (MGPE) - the private equity arm of Deutsche bank - has quit the firm following a failed buy-out bid.
Meanwhile, Deutsche has appointed Sir Robert Smith as his successor. Smith established MGPE in 1989. Since then, he has held a number of senior roles within Deutsche Bank, including vice chairman of DeAM - a role he retains.
Sporadic talks surrounding the bid - initiated last year - resumed in February.
Commenting on the what he described as “unbridgeable” issues, Smith said: “In recent weeks there have been a number of issues between the two sides that people felt couldn’t be resolved.”
He added: “The management were still keen to do the deal ... But Deutsche Bank felt that it had gone on so long and ... so decided to keep it [MGPE] indoors.”
Smith declined to elaborate on the reasons behind Deutsche’s decision.
*MGPE’s current open fund is the £1.5bn Deutsche European Partners 4 to which Deutsche has committed £350m.
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