Coller Capital, citing “compelling personal reasons,” confirmed Friday that Tim Jones has stepped down as CEO of the firm.
Jones has begun winding down his responsibilities, Coller said in the statement. He will retain non-executive involvement with Coller and is currently listed as a special adviser on the Coller website.
London-based Coller Capital did not specify what the personal reasons were for Jones’ resignation. The firm said it would review how it manages its business to ensure it remains flexible and responsive going forward. Coller is conducting a management review and has not decided who will replace Jones, according to a source with knowledge of the firm.
“Tim’s decision to step down as CEO is disappointing, both for the company and for me personally,” Jeremy Coller, founder of the firm, said in a statement.
Jones said the decision to resign “was not easy,” according to the statement. “I am grateful to Jeremy and the firm for respecting my reasons, and for the graciousness they have shown to me at a difficult time. My years at Coller has been among the most rewarding of my professional life,” Jones said.
Three placement sources said they were surprised by the departure. “He was essentially running the place,” one of the sources said.
Jones was named CEO in 2013 after joining Coller in 2000. Previously, he was global head of ScotiaMocatta, a division of ScotiaBank. Jones also spent 15 years at Standard Chartered, his biography on the Coller website said.
Jones’ resignation comes just weeks after the Coller closed its seventh private equity secondaries fund at $7.15 billion. Coller International Partners VII focuses on secondary deals and makes individual investments between $1 million and over $1 billion.
Jones was a not a “key man” on Fund VII, a Coller spokeswoman said.
Action Item: Reach Coller Capital at 44-20-7631-8500.
Photo courtesy of Shutterstock