Allen & Overy (A&O) has appointed international capital markets head David Krischer for a second term.

The new four-year term will start on 1 November, with Krischer having headed the global group since 2006.

Krischer is a US national and dual-qualified capital markets partner. He has been a partner with A&O since 1992, when he obtained a UK solicitors' licence to be able to join the partnership at the magic circle firm.

This second four-year term will be Krischer's last in the role as A&O has a cap at two terms for the department head function. The appointment follows a consultation among the firm's capital markets partners, although there was no formal vote because no other partner chose to challenge the position.

Of the reappointment, Krischer said: "It is a challenging job but I enjoy it and I much appreciate the show of support from colleagues in appointing me for a second term."

Krischer has placed US securities, high yield and international expansion as top strategic initiatives for the capital markets practice for his next term.

However, he added: "There is continued uncertainty over how capital markets will look in the next few years. We just have to remain responsive to that. A key issue will be the increase in regulation, which we will need to stay on top of to be able to continue to have the answers that clients require."

A&O's global capital markets practice has 74 partners and 262 associates with almost half based in London, where there are 39 partners and 144 associates.