Candover turns to SRM for first GC

Candover Investments, the listed-arm of the UK private equity group, has appointed its first general counsel, hiring Philip Price from hedge fund SRM Global.

Price, who was chief executive officer of SRM during its legal action against the British Government over the collapse of Northern Rock, started work this month.

He has previously held in-house roles at UBS Investment Bank and Dresdner Kleinwort, and trained at McKenna & Co, now CMS Cameron McKenna.

Candover is in the process of restructuring its business, after writing down the value of its portfolio investments by 50 per cent. Ashurst partner Bruce Hanton is understood to be advising the group on its options, which include selling the listed parent company to another private equity group.

Private equity houses, which traditionally have not employed in-house lawyers, have been scrambling to hire heads of legal recently in response to the economic crisis and the prospect of increased regulation.

Earlier this year, Apax Partners began the hunt for a global general counsel (2 March) and in October 2008, former Travers Smith partner Charles Barter joined Bridgepoint Capital (19 August 2008).

Price’s appointment follows the resignation of Andrew Moberly as Candover’s company secretary.

Candover Investments is the listed parent company of Candover Partners, the private equity firm.