People moves that aren't press released - return of the Sach
Welcome back Derek Sach. Little old Betaville understands that since April 2015 the former head of Royal Bank of Scotland’s discredited and disbanded restructuring unit - GRG - has been quietly working away at CVC, Britain's largest private equity firm.
Sach is listed on the company’s website as an ‘industrial advisor’ for CVC Credit Partners. This is quite a turnaround for Sach given that just last year his old place, GRG, was described as ‘not always meeting our own high standards’ by RBS. Ouch!
Quite what Sach is doing this time round at CVC isn’t entirely clear. CVC describes the division Sach is working in as an investment manager focussed on "sub-investment grade debt” - normally code for vulture fund.
One thing that does seem very clear is that Derek ain’t doing too badly at the moment. His management consultancy, Derek Sach Associates Limited, was set up about the time he joined CVC. It filed its first set of accounts earlier this year. Cash at bank after one year trading? £210,943.
That’s a lot of money for a man many of the GRG victims blame for the treatment they suffered at the hands of the unit - particularly given the fact that they, and the general public, still don’t know the full story about GRG. Indeed, the Financial Conduct Authority still hasn't published its full report into the restructuring unit.
However, those questions may be answered sooner than expected. According to a story published in The Evening Standard a couple of months ago, Sach might be called as a witness in the £400m civil dispute between property developer Stuart Wall and Royal Bank of Scotland. Here is the link:
Now that would be interesting moment for Sach, RBS and, as it turns out, CVC.....