LONDON, Nov 27 (Reuters) - Deutsche Asset Management, the fund management arm of Deutsche Bank, has hired Mark McDonald from Credit Suisse Asset Management to be the firm's global head of private equity secondaries, according to a memo seen by Reuters.
The secondaries market is where private equity investments are bought and sold. Deals include the stakes in the companies concerned as well as funding commitments not drawn down.
The note to staff by Head of Alternatives Pierre Cherki said McDonald would be based in London and look to grow the business through a focus on "difficult-to-access secondary market opportunities and special situations".
"Mark brings to the franchise an established history of leading private equity business strategies from origination to execution as well as strong institutional client engagement," Cherki wrote.
McDonald, who will report to Cherki, was most recently the global head of secondary advisory at CSAM and a senior member of the screening committee for the firm's private fund group.
The hire comes as Deutsche Bank prepares to list a portion of its asset management arm in a deal that is expected to raise around 2 billion euros.
Ratings agency Fitch last month described the amount of so-called 'dry powder' - uncalled investment capital available to be used by alternative asset managers as "staggering", at around $1.6 trillion. (Reporting by Simon Jessop Editing by Greg Mahlich)