Allen & Overy (A&O) has named London-based capital markets chief David Krischer as the magic circle firm's new US managing partner.

Krischer, who was appointed late last week with immediate effect, will now split his time between London, New York and Washington DC for an initial period while continuing to lead the firm's global capital markets practice.

He has taken up a four-year term, succeeding Kevin O'Shea, who will step up to the US senior partner role. The US managing partner oversees day-to-day operations and recruitment at the firm, while the senior partner focuses on clients and external affairs.

O'Shea has been managing partner since 2008, when he replaced Michael Feldberg and Ian Shrank. The duo shared the managing partner role alongside then-US senior partner Dan Cunningham. Cunningham left A&O the following year to join US litigation specialist Quinn Emanuel Urquhart Oliver & Hedges.

Krischer (pictured) was handed a second four-year term in his role as global capital markets head in 2010. He is a US national and dual-qualified, and has been a partner with A&O since 1992, when he obtained a UK solicitors' licence that enabled him to join the firm's partnership.

The appointment comes after A&O expanded its US presence in 2011 with the launch of a new office in Washington DC. The firm recruited a team from O'Melveny & Myers for the launch comprising financial regulatory partners Barbara Stettner and Chris Salter and counsel Charles Borden, who joined as a partner. The firm has around 40 partners in the US across its two offices.