Principle Advisory Services said one of its directors, Ken Licence, will become the firm’s new head after Lachlan Douglas submitted his resignation.
Douglas is set to depart Principle and join investment manager Infrastructure Capital Group (ICG) as a director, Principle said in a statement.
ICG is an Australian-based infrastructure investment manager with over $1 billion of funds under management.
The changes will take effect from the start of next year.
“Lachlan leaves big shoes to fill but I believe Principle will continue to successfully expand and develop its placement, consulting and advisory business,” Licence said.
“We remain committed to our core clients and the team will continue to strive to bring the best funds management and alternative asset opportunities to Australian institutional investors.”
Les Fallick will continue to sit on the ICG board and will continue in his role as Principle’s executive chairman.
“As the Principle managing director, Ken Licence will lead the consulting and placement business and be responsible for business strategy and business development. Ken will become a shareholder of Principle,” Fallick said.
Principle helps international private equity managers raise capital from Australian superannuation funds.
