Ex-Apax Exec. Tapped To Head British Toxic Asset Bailout

Hedge fund and private equity veteran Stephan Wilcke has been charged with leading Britain’s toxic asset insurance program.

The former head of European financial services at Apax Partners takes the reins at the Asset Protection Agency on Monday, the U.K. Treasury said. Wilcke takes over as CEO from Jeremy Bennett, who has managed the £585 billion bailout program since its creation in January.

“The asset protection scheme is a central part of the government's efforts to stabilise the financial sector and promote the flow of credit in the economy,” Paul Myners, the U.K. financial services minister, said. “The announcement of the APA's chief executive is an important milestone as we move towards implementation of the scheme.”

Wilcke most recently worked at Cairn Capital, a collateralized debt obligation- and mortgage-backed securities-focused hedge fund.