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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE EIF appoints new CEO and deputy chief executive08/04/2008. Source: AltAssets. 
The European Investment Fund has appointed Richard Pelly as CEO and Jean-Marie Magnette as deputy chief executive. Pelly succeeds Francis Carpenter, whose term of office ended in February. Pelly was most recently managing director at Pall Mall Capital. Previously, he was managing director of structured asset finance at Lloyds TSB Bank. He began his career at Barclays Bank, where he held various senior positions. Following this, he was appointed chairman and CEO of Budapest Bank and then CEO of UK Business Finance within GE Commercial Finance.
Magnette began his career as chargé d'affaires at the Banque Générale du Luxembourg. He has worked at the European Commission since 1982. In 2002 he was nominated head of unit responsible for the liaison with the EIB Group and the development of new financial instruments. He was appointed alternate director in 2006, representing the European Commission on the EIF board of directors.
Philippe Maystadt, EIB's president and chairman of the EIF board of directors, said, 'We are delighted that Richard Pelly and Jean-Marie Magnette are joining EIF. Both are highly respected and seasoned executives. Their complementary financial, institutional and operational experience and their considerable professional competence will undoubtedly be of great value in shaping EIF's future growth and development and in continuing the fulfilment of its mission.'
EIF is a fund of funds investing in venture, notably in early stage high tech funds that support SMEs and small/mid-caps companies. EIF also provides guarantees to banks and guarantee schemes for SMEs.
Copyright © 2008 AltAssets
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