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McCarthy departs Valad Europe on return to Oz

18 December 2015 – by David Hatcher

Former executive chairman will remain as a consultant to the European business

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Martyn McCarthy is to leave Valad Europe less than a year after the €5bn (£3.6bn) fund manager was taken over by Australian-listed firm Cromwell.

The former executive chairman, one of the best-known figures in the European and Australian fund management sectors, will remain as a consultant to the European business, which is now headed by managing director David Kirkby.

McCarthy has moved from London back to Sydney on a permanent basis. A longer-term role with Cromwell in Australia had been considered but McCarthy and the Cromwell management ultimately decided to go their separate ways.

Cromwell chief executive Paul Weightman said: “When we bought the business Martyn continued to help us integrate and transfer. We have talked about things while he has been here and it has been decided he will just continue as a consultant to the European business.

“He has worked particularly hard to make the European business what it is, he has a young family, enough other interests and looked at what it entails to be part of a listed company here and decided against it.”

Valad Europe was bought from its management and Blackstone in January in a €145m (£105.2m) deal. Blackstone bought the business as part of the wider Valad Property Group in 2011 for €149m, primarily to take control of the firm’s Australian portfolio and initially putting a negligible valuation on its European fund management arm .

McCarthy then led the turnaround of the European business and with the sale to Cromwell returned a sizeable profit for Blackstone and the management.

His consultancy period will be for an initial six months.

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