17Capital has made its chief financial officer its new chief compliance officer and named a finance chief as it deals with its own growth and new and anticipated regulations.
The fund finance specialist told Private Funds CFO that CFO Oliver Pritchard will take on the newly-separated role of chief compliance officer, starting October 1. Finance director Raj Shah has been promoted to CFO, taking on his new responsibilities that same day.
Pritchard, who joined as CFO in December 2010, was previously responsible for compliance, but as the firm grew a dedicated CCO was needed, the firm said. The decision was also driven by new and emerging regulation, as well as 17Capital’s commitments to compliance targets, such as SFDR rules in the EU.
Shah joined 17Capital in July 2012. He was previously an assistant financial controller at Bowmark Capital.
17Capital told Private Funds CFO it has been expanding and reinforcing the finance team in line with its steady growth in the last few years. That means the firm is well placed to transition Shah into his new role as CFO without requiring a specific and immediate replacement for him.
Earlier this year 17Capital was acquired by Oaktree, which the specialty finance firm said was done to expand further into the US market. The firm said it is planning to make additional hires in both the US and Europe.
Although the firm has eyes on expansion, in June New York-based managing directors Richard Golaszewski and Stephen Swentzel left just months after the Oaktree deal was announced.