The failure to float a fund for private equity firm Doughty Hanson hasn’t put Scottish numbers man Fred Watt off the world of private equity, reports the FT’s People column on Wednesday.

Watt has joined compatriot Donald Mackenzie at CVC Capital as chief operating officer, a newly-created role. The 46-year-old quit his old job as chief financial officer of Royal Bank of Scotland early last year after six years on the grounds that he wanted to spend more time with his twin daughters.

Before long, he found himself lined up to be finance director of a €1bn quoted vehicle planned by Doughty but it was scrapped after a poor reception for similar funds. He found other distractions in the hedge fund world, following former RBS chairman Sir George Mathewson by joining the board of Old Oak, the parent of Toscafund, the £4bn hedge fund run by Martin Hughes, one of the “Tiger cubs” who worked under Julian Robertson at his Tiger fund.

Apart from focusing on undervalued companies and working with the management to improve company prospects, Toscafund has played an active role in the ongoing break-up and sale of ABN Amro.