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25 September 2009

New Chief Executive – Asset Protection Agency

HM Treasury today announces the appointment of Stephan Wilcke as Chief Executive of the Asset Protection Agency (APA) with effect from 28 September 2009. Stephan Wilcke joins from credit asset manager Cairn Capital where he was a senior advisor, having previously held partnership positions at private equity firm Apax Partners and financial services consultancy Oliver Wyman. He will be taking over from Jeremy Bennett who has been integrally involved with HM Treasury in the creation of the Asset Protection Scheme and who had agreed to act as Chief Executive up to the point of the establishment of the Agency.  

Financial Services Secretary to the Treasury, Paul Myners said:

"The Asset Protection Scheme is a central part of the Government's efforts to stabilise the financial sector and promote the flow of credit in the economy. The announcement of the APA's Chief Executive is an important milestone as we move towards implementation of the scheme."

Commenting on the appointment Tom Scholar, Second Permanent Secretary to the Treasury, said:

"Jeremy has done an excellent job for the Treasury in setting up the Asset Protection Scheme and acting as the interim Chief Executive for which we are very grateful. I am delighted to be welcoming Stephan to this role.  He brings a wealth of experience to the role and I look forward to working with him in this capacity."

Notes for Editors

1. The Asset Protection Agency is an executive agency of the Treasury, which has been set up this year to run the Asset Protection Scheme on behalf of HM Treasury.

2. Stephan Wilcke joins from Cairn Capital where he focused on public sector clients’ response to the credit crisis. He previously advised various central banks on the credit work-outs of their exposures to Lehman, Landsbanki and Glitnir. He started his career at management consultancy Oliver Wyman in London where he focused on banking strategy and credit risk management, and was elected a partner in 1998. He joined Apax Partners in 2000 as the first financial services specialist, and went on to become a partner and Head of European Financial Services.

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