Intermediate Capital Group (ICG) chairman Justin Dowley is to retire after more than 10 years on the debt investment group’s board, and will be succeeded by fellow board member Kevin Parry.
Dowley will step down from the post he has held for six years at the company’s annual general meeting on 21 July, according to a statement.
“I am proud of what the company has achieved in transitioning its business model from being primarily an investment company to a leading specialist asset manager,” Dowley said in the statement.
Dowley was previously vice-chairman of Nomura International following its takeover of Tricorn Partners, the corporate finance advisory business he co-founded in 2003.
He previously served as co-head of investment banking at Merrill Lynch Europe and spent 15 years at Morgan Grenfell. Dowley is also a non-executive director of Melrose, the listed industrials business improvement specialist.
Parry, currently senior independent director on the board and chairman of the audit committee, was appointed chairman after a search that included external candidates.
He is also a non-executive director of Standard Life and Daily Mail & General Trust, as well as chairman of the Homes and Communities Agency, a UK government body. He was previously chief financial officer at Schroders and a managing partner at accountancy firm KPMG.
Non-executive director Peter Gibbs will become ICG’s senior independent director.
A search is currently under way for a new non-executive director to act as chairman of the audit committee, ICG said.
In January, ICG announced that assets under management had grown by €1 billion in the last quarter of 2015 to €21.2 billion, after beating fundraising targets on new US and European funds.