A former chairman of Ernst & Young is to replace Sir Michael Rake as head of the Guidelines Monitoring Group, the body tasked with overseeing the reporting and transparency standards of the UK's private equity industry.

Nick Land, a trained chartered accountant, was chairman of Ernst & Young until 2006. He is currently a non-executive director at Vodafone, Alliance Boots, BBA Aviation and Ashmore Group. He also sits on the board of the Financial Reporting Council.