Today's earlier post moaned about risk aversion creating a lack of innovative IT. Well, you can't get innovative IT without funding - and Lloyds TSB Corporate Markets has appointed a new director to work with technology-based businesses who turnover in excess of £15m.

Michael Bavington - formerly a service contract specialist with the Hanover Financial Group - has been recruited to help IT companies raise funds using their assets. Bavington will be responsible for providing structured debt and lease funding to the bank's customers, particularly financial institutions and firms operating within the outsourcing sector.

Vasgen Edwards, managing director of Lloyds TSB Corporate Asset Finance, says Bavington's appointment will strengthen opportunities for funding: "He has developed considerable expertise in the key areas of origination and funding, and his specialist skill set will make a valuable contribution to the team."

Further reading

• Making best use of Gartner's reports
• CIO concerns: Rob Fraser switches Boots for CSC
• Career moves: Robin Terrell is John Lewis web MD
• Career moves: Steve Markwell is new NCC CEO
• Career moves: Carl Powell becomes Unipart CEO

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