Former Lloyds’ chief to join BlackRock

The co-head of mid-market lending at Lloyds is leaving the UK bank to take up a new role at BlackRock.

BlackRock has made a key hire to its direct lending strategy, appointing Gary McMillan to its private capital team. 

McMillan was previously at Lloyds Bank Commercial Banking for almost eight years, most recently as a co-head of mid-markets, acquisition finance. James Ranger is Lloyds' other co-head of mid-markets, acquisition finance at the bank.

McMillan will join the Blackrock EMEA private capital team in the New Year, a spokesperson for Blackrock confirmed. Lloyds was unavailable for comment at the time of publication.

Before his most recent role at Lloyds, McMillan was a director at the banking group for over four years, according to his LinkedIn profile. For nine years prior, he was a senior director of leveraged finance at Royal Bank of Scotland.

McMillan will report to Stephen Caron, head of European direct corporate financing at BlackRock. Caron, who joined BlackRock last October, is part of the GE Capital alumni. He was chief commercial officer at GE Capital and also led the leveraged finance team at GE Healthcare. Caron’s appointment marked BlackRock’s intention to assess the direct lending opportunity.

Other hires are in the pipeline at BlackRock, market sources added, signalling the asset manager’s readiness to step up efforts.

In October this year, the firm also hired Michael Zugay as head of investments in its private capital group in New York. Zugay, who was previously a managing director at Ares Management’s direct lending group, will lead the underwriting and monitoring of mid-market private investments including loans made by the BlackRock Capital Investment Corporation (BCIC) business development company.