Former Merrill Lynch managing director of private equity Eric Kump has been appointed managing director of private equity for DIC’s private equity arm, along with former Investor AB managing director Marc Holland, who joins as finance director.

Kump will focus on expanding the firm’s private equity business in Europe.

At the same time, DIC Emerging Markets has appointed Alykhan Nathoo as chief executive officer. Nathoo joins from Bain Capital, one of the largest global private equity firms with more than $78bn worth of assets, which he established in 1984.

According to media reports on 2 October, DIC has cut ten per cent of its staff. The London-based Financial Times reported that it had made cuts in its global equities and emerging markets teams.