Lloyds TSB’s private equity arm Lloyds Development Capital (LDC) has appointed Andrew Sandars to head its legal and risk management department as part of a restructure of the legal function.
Sandars, who was vice-head of legal at private equity fund manager Doughty Hanson, takes up the newly created position following LDC’s director of compliance and risk Nick Bacon’s move to the portfolio management team.
LDC marketing director Rob Pendleton said: “Bacon came into the role and established a legal function under his risk and compliance unit, but he was not a classically trained lawyer per se.
“The role has now been reshaped to concentrate on the legal function and Bacon has moved back to portfolio management, which is his preferred role in LDC.”
Sandars has one lawyer on his team and will report to LDC’s chief operating officer Candida Morley.
In his new role, he will be responsible for ensuring LDC’s risk management framework meets Financial Services Authority requirements, as well as overseeing legal matters pertaining to LDC’s investment teams and portfolio companies.
He will also manage LDC’s external advisers, including Pinsent Masons, which advised LDC on its investment in the £52m management buyout of UK outsourcing company Emprise Holdings in May, and Osborne Clarke, which advised on the £410m sale of Apollo Group Holdings in August.