Andrew Williams, CEO of SVG Advisers and director of SVG Capital, stepped down by mutual agreement with SVG Capital officials, according to a news release on SVG Capitals preliminary unaudited results for 2008.
Nicholas Ferguson, chairman of SVG Capital, will become executive chairman of SVG Advisers while the company searches for a replacement for Mr. Williams, according to the release.
Charlotte Edgar, spokeswoman at SVG Capital, did not respond to an e-mail seeking comment by press time.
Despite closing its $200 million SVG Asia Fund of Funds, a private equity fund of funds, in the second half of 2008, the investment management units assets under management dropped 5% to €4.2 billion ($5.4 billion) as of Dec. 31. SVG cut its commitment to Permira IV by 60%, reducing its uncalled commitments to £493 million ($690 million). The company launched a strategic review due in April.