Jonathan Russell, a veteran dealmaker who was seen as a potential chief executive of listed buyout firm 3i Group before he unexpectedly resigned in 2010, has re-emerged with the founding of his own debt management firm, Financial News has learned.

Russell has secured FSA approval this month for Spire Partners, a debt management and advisory firm focused on western Europe. The launch is believed to be Russell's first full-time role since quitting 3i in September 2010 following the decision by then chief executive Michael Queen to merge the firm's buyout and growth capital teams. Russell was global head of buyouts.