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Former Apax partner to run UK bailout scheme

Stephan Wilcke, who used to lead Apax Partners financial services investments in Europe, has been hired by the Treasury to run its safety net for risky bank assets.

Stephan Wilcke, a former Cairn Capital adviser and partner at Apax Partners, has been appointed as chief executive of the UK Government agency that runs the Asset Protection Scheme, the state-sponsored safety net that provides banks with a form of insurance against losses on assets such as leveraged loans.

Wilcke joins the Asset Protection Agency (APA) from Cairn Capital, a credit focused asset manager, where he advised public sector clients on their response to the credit crisis, a statement from the Treasury said.

At Apax Partners, he was the private equity firm’s first financial services specialist and went on to become a partner and head of European financial services.

“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,” said Paul Myners, financial services secretary to the Treasury, in a statement.

The scheme, which is designed to promote stability by giving banks confidence in the value of their assets, includes around £300 billion-worth of assets from The Royal Bank of Scotland’s portfolio, including corporate and leveraged loans, commercial and residential property loans and structured credit assets. Lloyds TSB has placed approximately £250 billion in the system, which includes around £150 billion of leveraged finance and commercial real estate loans.