EMAC Capital appoints Chief Executive of Illyrian Financial Group
04 March 2008
4th March 2008, London - EMAC Capital ("EMAC"), the alternative asset manager focused on opportunities in Central & Eastern Europe, announced today that it has expanded its senior management team with the appointment of Dennis J. Pitocco as Chief Executive of Illyrian Financial Group Limited ("IFG"), a newly established subsidiary of EMAC. The establishment of IFG signals EMAC’s move into the consumer lending market, specifically mortgages, extending its offering beyond the institutional market. Dennis has been working closely with EMAC over the past year, allowing for an immediate transition into this new role.
Dennis has more than 30 years’ experience in international financial services, having held executive positions at a number of consumer credit & mortgage banking businesses in the US, UK and Canada. After two decades in retail banking at some of the largest financial institutions in the US, Dennis became president at IMCC International Inc, a wholly owned subsidiary of IMC Mortgage Company, where he directed the launch and development of Preferred Mortgages Ltd (UK) and IMC Mortgage Company (Canada). With the backing of Barclays Private Equity in 2001, Dennis led the management buy-out of Preferred Mortgages, relocating to the UK to become Chief Executive & Managing Director. Preferred Mortgages was subsequently sold to a large international investment banking firm in December 2003.
From 2004 until present, Dennis has served as Chairman & CEO of Conquest Holdings LLC, a privately-held International financial services consulting firm. In this capacity, he has been engaged by various multi-national businesses to facilitate cross-border launch or enhancement of global residential mortgage platforms, with a focus on both Eastern and Western Europe. Dennis has also provided advisory services to Consensus Business Group (UK) and currently serves as Non-Executive Director of a major UK-based consumer finance business.
Matthew Gilpin, Group Chief Executive of EMAC Capital, commented:
"We recognise the value of recruiting highly experienced individuals and Dennis’s long standing track record in the financial services industry, both in the US and in Europe, will enable us to expand the business, as well as diversifying into other areas which are complementary to EMAC’s core fund management business. We look forward to having Dennis on the team."
Dennis Pitocco, CEO of Illyrian Financial Group Ltd said:
"I am delighted to be joining IFG and the EMAC Capital Group, which has already built itself a strong presence across Emerging Europe. I look forward to being part of a young and dynamic company and believe that I can bring my extensive international experience to bear in the future development of the firm and make a significant contribution to its continuing success."
| For further information: | |
| EMAC Capital | |
| Matthew Gilpin | 020 7201 5706 |
| Capital MS&L | |
| Annabel O’Connor / Wendy Svirakova | Tel: 020 7307 5330 |
Note to editors:
About EMAC
EMAC Capital focuses on the unique opportunities for investment in South Eastern Europe, Eastern Europe and Transcaucasia. Founded and staffed by regional, investment banking and commercial specialists, EMAC offers a combination of intimate market understanding, regional transaction experience, and an unrivalled network of contacts.
EMAC’s wholly owned subsidiary, EMAC Capital Ltd is authorised and regulated by the Financial Services Authority and the asset management company, EMAC Management Ltd is regulated by the Jersey Financial Services Commission.
EMAC is 20% owned by a fund managed by Cheyne Capital Management Ltd, a London-based independent asset manager which is part of the Cheyne Capital Group. A further 10% is owned by LMS Capital, the former venture capital division of London Merchant Securities plc.