The former trade inister and one-time head of Standard Chartered Bank, Mervyn Davies, is joining US private equity group Corsair Capital.
Lord Davies – who served as a minister of state in Gordon Brown's Labour government and turned down the opportunity to stay on under the coalition – was on Corsair's advisory board while chairman of Standard Chartered. But he returns to the financial services buy-out specialist as a full-time deal-maker, to be based in the London office but looking for deals across Europe and Asia.
Lord Davies's name had been linked with several possible employers, including Lloyds Banking Group and Marks & Spencer, before the Corsair appointment. As a government minister, his central role was to support British exporters and oversee inward investment.
Corsair Capital spun out of JPMorgan Chase in 2006 and counts a number of top bankers on its advisory board, including Standard Chartered's Americas chief executive, David Stileman, Resolution's chief executive, John Tiner, and the former US senator Chuck Hagel.
The former Credit Suisse executive vice-president, Richard Thornburgh, serves as the company's vice-chairman.
Lord Davies left Standard Chartered in 2008 after a decade which included running the group's Hong Kong business and a stint as chief executive between 2001 and 2006.