Duke Street expands in Germany with new hires
UK / GERMANY – London-based pan-European fund management group, Duke Street Capital, has appointed Ervin Schellenberg as director in charge of its German private equity business. Duke Street now has teams working in the private equity markets of France, Germany, Spain and the UK.
Schellenberg, who will initially be based in London joins from Schroder Salomon Smith Barney, where he helped establish its European investment banking franchise. He has also worked in the German M&A departments of WestLB Panmure in London and Dresdner Kleinwort Benson in Frankfurt.
He will be supported by Marco Herbst and John Harper who join Duke Street from Merrill Lynch and HSBC Private equity respectively.
Herbst advised Merrill’s European institutional clients on M&As and capital markets whilst Harper helped HSBC establish its Düsseldorf-based private equity operation.
Says Frédéric Chauffier, managing director of Duke Street Capital’s continental Europe operation: “with 25 years combined experience in the German market-place, our German team is competitively positioned to exploit this important and developing market.”
Schellenberg adds: “Duke Street Capital has timed its expansion into Germany well, as it is a market with considerable unexploited potential, particularly for Mittelstand (mid-size) companies. I strongly believe that private equity will be seen as a leading funding alternative in Germany.”
The move comes two weeks after private equity research specialists, AltAssets published a survey that found Germany the most attractive market for private equity investments in Europe, mainly thanks to the abundance of mid-size companies.