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ENRC director Dalman quits hedge fund Toscafund
January 10, 2012 / 1:25 PM / 6 years ago

ENRC director Dalman quits hedge fund Toscafund

LONDON, Jan 10 (Reuters) - High-profile banker Mehmet Dalman has left hedge fund firm Toscafund to focus on his other roles, including a directorship at ENRC, the Kazakh miner involved in a messy corporate governance fight last year.

Cyprus-born Dalman quit as partner and vice-chairman at the London-based fund manager, which once ran $6-8 billion before its flagship fund fell around 60 percent in 2008, although it later recovered some of those losses.

The former head of Commerzbank’s investment banking arm told Reuters in an interview on Tuesday that he needed to “concentrate on other things I want to do”.

“I feel I have done my work for Tosca,” he said, adding: “2008, 2009, 2010 were important years, and I think we did that well. The company is in pretty good shape, it doesn’t need a vice chairman.”

Dalman, whose clients have included Manchester United soccer club owner Malcolm Glazer and newspaper owner Richard Desmond, found himself at the eye of a corporate governance storm at ENRC last year when long-running tensions between the group’s founder shareholders and some board members spilled over into a public spat.

Two well-known independent non-executive directors were voted off the board in June, leaving Dalman and Paul Judge as the only remaining UK non-executive board members.

Dalman was said at the time to have considered leaving ENRC, but stayed on through an internal corporate governance review and was named senior independent director in September, when the results of the review were announced.

Dalman, who once contemplated a career as a professional football player, will continue to be involved with Toscafund’s Property fund and its Photography fund, which invests in fine art photography, said Toscafund chief economist Savvas Savouri.

“His commitments with ENRC and interests in China have grown considerably. He’s a great friend for me and all the firm still,” he said.

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