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Candover Investments has appointed Philip Price as its first-ever general counsel.

Price joined the UK-listed parent company of private equity house Candover Partners at the end of February from hedge fund group SRM Global, to take up a new role as both general counsel and company secretary.

He has replaced Candover’s former company secretary Andrew Moberly who has resigned, with his post covering Candover’s legal, compliance and company secretarial functions.

Before joining Candover, Price spent two-and-a-half years with hedge fund group SRM, where he was chief executive, and had previously worked as an in-house lawyer at both UBS Investment Bank and Dresdner Kleinwort, having initially trained with McKenna & Co, now CMS Cameron McKenna.

Price’s appointment comes as Candover carries out a restructuring after seeing the value of its investment portfolio plummet.

As previously reported by Legal Week, Ashurst has landed a key mandate advising on the restructuring which could lead to a potential sale or delisting of Candover. Candover confirmed in March that it had received a number of potential offers for the business following press speculation about the declining value of its portfolio.

The buyout house’s decision to appoint its first GC comes after similar moves by other private equity houses to recruit in-house lawyers. Bridgepoint Capital hired former Travers Smith partner Charles Barter as general counsel last year, while HgCapital’s general counsel Alison Hampton joined from Weil Gotshal & Manges earlier that year.

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