Silicon Valley Bank hires ex-Speechly private equity chief as City legal head

Silicon Valley Bank (SVB) has hired Speechly Bircham's former private equity chief Jim Watts to head its London legal team.

The appointment comes as SVB, a US lender that specialises in providing start-up loans to technology companies and counts Twitter as a client, prepares to launch a full banking branch in the UK in the new financial year.

The bank, which is still waiting to receive its UK banking licence, has been operating in London since 2004. To date it has only been able to provide customers with access to finance through its US operations, rather than lending directly.

Watts specialises in all areas of private equity and venture capital. He joins the bank after eight years at London law firm Speechly Bircham, having previously worked at magic circle firm Allen & Overy. He left Speechly in February and joined SVB this month.

His appointment comes after SVB's previous most senior lawyer in London, Toby Billington, left in November last year to join Barclays as head of legal for Barclays Business.

Phil Cox, who head SVB's UK, Europe and Israel subsidiaries, said: "[Watts'] vast experience in the sector as a partner at a highly-regarded City law firm will be invaluable, as we work with an increasing number of clients and as we move forward with our application to the Financial Services Authority to open a full UK banking branch."

SVB has previously worked with law firms including Morrison & Foerster and Pillsbury Winthrop Shaw Pittman in the US. In the UK it has worked with Field Fisher Waterhouse, while adding Norton Rose to its adviser list more recently.

Former DLA Piper corporate partner Malcolm MacDougall has replaced Watts at Speechly as head of private equity.