WestLB Loses its Head

(Updated after jump) peHUB has learned that David Turner resigned last week as CEO and CIO of the private equity group at WestLB Mellon Asset Management, which manages around $1 billion in private equity assets. The move came as a surprise to Turner’s colleagues, particularly because the group is in the midst of raising its fourth fund-of-funds.

One source said Turner indicated a desire to cut back on his hours, and that he felt the timing – albeit not opportune – was better than leaving once the fund was raised. Turner’s next move is unclear, although a WestLB receptionist said that he had “joined another firm.” She declined to comment further, and Turner has not returned a voicemail left on his cell phone.

Turner joined the private equity group in 2002, when it was still known as WestAM. He previously had overseen a $13 billion alternative investment portfolio for The State of Michigan.

A WestLB spokesperson declined comment, primarily because he had no idea what I was talking about.

Update: A different spokesperson said Monday morning that Turner will be succeeded by Ravi Vish, a general partner with WestLB’s private equity group since 2005. Prior to joining WestLB, Vish spent 18 years with the International Finance Corporation.