Licence to sit in rearranged Principle's office

Michael Bailey, Investment & Technology News, 15 September 2009

Private equity placement agent Principle Advisory Services has hired former Deutsche Asset Management institutional boss Ken Licence as an executive director, among a number of ownership and personnel changes which will also see Les Fallick step down as managing director.

Fallick will become executive chairman of Principle, while founding staff member Lachlan Douglas will step into the day-to-day management role. Douglas will also increase his founding equity stake in the firm, while senior manager Alf Stamp will become a significant shareholder, thanks to a reduction in what remains Fallick's majority stake. John Rickus will continue as a director.

Fallick said the changes, effective October 1, would allow him more time to work with clients, a duty which will also be Licence's focus.

Douglas, who will maintain his interface with clients, said the firm "would hope that [Licence] participates in ownership of the business over time".

Fallick has also become a director of Infrastructure Capital Group, the rebadged ANZ Infrastructure Services business in which Principle recently bought a 10 per cent stake, alongside founder John Clarke and infrastructure stalwart Mike Fitzpatrick.