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Loan Market Assoc seeks chairman as Slade resigns

LONDON - David Slade resigned as chairman of the Loan Market Association (LMA) after taking early retirement from Credit Suisse, where he was co-head of European credit and head of European leveraged finance, according to an internal memo seen by Reuters Loan Pricing Corp on Monday.

Slade, who was integral to building Credit Suisse's European leveraged finance business, most recently played a key role in reducing the bank's risk profile through the liquidation of its European leveraged finance positions, according to the memo, which was confirmed by a bank spokesman.

Slade's departure will prompt the election of a new LMA chairman as the loan market's industry association seeks to guide the syndicated loan market through the current financial crisis.

Slade's departure is symptomatic of a difficult period for the leveraged finance business, as banks seek to reduce exposure to the capital-intensive asset class, with many institutions cutting headcount and folding operations into high-grade lending businesses to give one lending platform.

Slade, a well-respected market professional was elected chairman of the LMA in July 2007 and has been with Credit Suisse for around 12 years. Before his current role, he led Credit Suisse's syndicated loan business in Europe for four years.

Slade joined Credit Suisse First Boston in 1997 as a director of loan syndications. Prior to that he was at Natwest, where he was director of high-yield finance and head of European origination.