A senior investment executive at Advent International is relocating from the UK to Luxembourg, in what insiders describe as a symptom of growing pressure on private equity talent retention in Britain, according to a report by the Financial Times.
Advent’s head of Europe and co-chair of the firm’s global executive committee, James Brocklebank, is changing his residency to Luxembourg, with the move reportedly agreed by the group’s executives to best support its continued growth. London is currently home to the firm’s largest investment team.
The decision comes alongside other high profile moves out of the UK, with head of the Schlumberger family office Bertrand Coste also leaving for Luxembourg. Government policies such as changes to the non-dom tax regime and an increase in the tax on carried interest have reportedly helped motivate such moves.
Advent currently have over 80 UK-based private equity investments.
