Senior London partners ousted in Cerberus cull
Cerberus Capital Management, the private-equity house regarded as one of the most aggressive operators in the industry, is on the retreat.
It has parted company with two senior London-based partners in a cull of UK staff.
Ken Leet has left after two-and-a-half years along with Jeff Lubin, who set up the firm's European arm in 2005. Leet, a former adviser to Ford, spent 18 years at Goldman Sachs.
The number of UK staff is down from 23 to 15, according to a filing with Companies House.
Cerberus, headquartered in New York, decided in January to cut around a tenth of its staff worldwide.
A spokesman said: "We remain fully staffed to manage the current portfolio and to address any opportunity that presents itself in Europe and around the world."
Cerberus is best known lately for its car deals. It took control of Chrysler in a $7 billion (£4.4 billion) deal, but recently lost this equity stake following a government bailout.
