Jon Addis and Rob Freer have transferred out of Royal Bank Private Equity, the large buy-out unit of Royal Bank of Scotland, moving to other roles within the bank's equity finance division.

The transfers mark the latest departures of investment directors from the original team of 20. Earlier this year Tim Farazmand quit, reappearing at Catalyst, a UK venture capital firm, followed by John Dillon, Richard Caston and Duncan Johnson, who were poached by Royal London Private Equity, and Sharon Jacks, who went to LDC, the buy-out arm of Lloyds TSB.