Tuesday, 10 February 2009

RBS hires ex-Renaissance buyout boss

Financial News Online

Jason Corcoran in Moscow

February 3 2009

Rory Cullinan, former deputy chairman of private equity at Renaissance Partners, has rejoined Royal Bank of Scotland a month after leaving the Russian buyout group.

Cullinan spent 16 months at Renaissance after joining from buyout firm Permira in August 2008. Prior to that he led RBS' equity finance division and sat on the board for corporate banking and financial markets from 2001 to 2005.

An RBS spokesman said Cullinan had joined the wholesale global banking and markets division and would work on projects where his expertise will add value.

During his prior tenure at RBS, Cullinan was responsible for a portfolio of more than 100 companies. He also presided over a deal that saw RBS buy a controlling stake in Southern Water at a cost of £273m (€302m), becoming a director of Southern Water Capital.

Before joining RBS, Cullinan spent eight years in banking in South Africa, Europe and the US, mainly with Citibank. In 1992 he co-founded Verdoso, a private investment fund, which owned The Sellotape Company, remaining a partner until 2000.

Financial News yesterday reported Cullinan and Richard Olphert, the chairman of Renaissance Partners, had both left the firm, which is part of the Renaissance banking group.

A Moscow spokesman for Renaissance said the private equity team had been pared back to eight from a staff of 12.

Renaissance Partners, which raised a $600m (€467m) fund last year, realised substantial losses through investments in Ukraine and Africa, according to Russian business paper Vedemosti.


Anonymous said...

Will Rory Cullinan help RBS get rid of the costly investments he made when he was last there? Since he is a close mate of Hester on the hunting field and a frequent visitor to his Verbier chalet there will be plenty of opportunities for cosey chats. What is his role at RBS? What will he earn & will that include joining 'sweetners', like Hester's?

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