Former co-head of global banking at HSBC, Matthew Westerman, is launching a private investment business.
Wetherell is establishing the firm with a former colleague he worked with at Goldman Sachs Julian Metherell, and Greek shipping tycoon Peter Livanos.
According to Sky News, they are teaming up on MW&L Capital Partners, which will invest in small to medium-sized targets focusing on sectors the partners are experienced in – energy, financial services and shipping. They will look to partner with other investors where it looks sensible to do so.
"We think there is a gap in the market for long-term capital; ours is not 'five-year fund money' so we don't have money burning a hole in our pockets, and we can afford to be flexible and supportive of management when we see an opportunity," Westerman told Reuters.
Westerman left HSBC last November after being brought in to help boost performance. Wetherell had been hired from US investment bank Goldman Sachs, where he had previously worked for more than 15 years, rising to chairman of investment banking in Europe.
His hire to HSBC came at a time when the bank was looking to claw market share from European rivals, though previous reports had flagged that some within HSBC had raised question marks over the scale of job cuts carried out by Westerman as he sought to bolster collaboration between divisions.
On his departure, the chief executive of the bank's global banking and markets division thanked Westerman for his "significant contribution", and said he helped "drive improved financial and market share performance".