Gala Capital chief forced to stay

Jaime Bergel Sainz de Baranda had been preparing to accept an offer to head up the investment bank's Middle East and Africa division when Gala LPs expressed their concern about the effect of his departure on the private equity firm.

Bergel, who was previously president of Merrill Lynch in Spain and Portugal, met with investors last week to explain his intentions. However, stakeholders including Ferrovial founder Rafael Del Pino, real estate magnate Manuel Jove and Omega Capital's Alicia Koplowitz, requested Bergel remain instead at the helm of Gala until its current fund has been invested.

Despite their irritation at having discovered the news in the press, some LPs expressed sympathy for Bergel, who was once one of the most high-profile bankers in Spain. "He is an honest and responsible person who will behave like the great banker he already is," said Jaime Castellanos, president of Banca Lazard and ex-president of Recoletos. "JP Morgan's offer was very tempting, but we're sure that Jaime will get similar or better opportunities in the future."

Gala Capital was founded in 2004 and currently owns six portfolio companies, including La Sexta, Panda Securities and Jimmy Choo.

Bergel has agreed to remain at the firm "unconditionally".

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• Topics
• Southern Europe
• JP Morgan