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Investcorp's Yea to replace Brian Larcombe as head of 3i

Managing director of Investcorp Bank, Philip Yea, is to replace Brian Larcombe as head of pan-European private equity giant 3i. Larcombe is stepping down on July 7 after seven years as chief executive.

'To be offered the CEO role in the premier quoted private equity and venture capital business is a great opportunity,' said Yea. '3i is a company I have long admired, it has huge potential to grow and as yesterday's results showed, a strong platform from which to do so.'

The announcement comes in the wake of news that 3i has posted its first annual rise in the value of its asset since 2000. Yea joined Bahrain-based Investcorp in 1999 after 13 years at Diageo, the last six as finance director.

'We are delighted to have attracted such a high calibre candidate to the job,' said 3i chairman Baroness Hogg. 'Philip has an exceptional breadth of experience across industry, the city and private equity. 3i is a highly focussed business with clear competitive advantage and Philip's experience of major international businesses is a natural fit.'

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