Job Wrap: The Enduring Allure of Private Equity
Private equity job moves, and would-be private equity job moves, topped the hiring bill last week. Most notable was the news that Sandy Weill, former chief executive and architect of Citigroup's enormous financial services empire, wants to leave the firm before his contract ends in April.
His destination? A $5 billion private equity fund, which he plans to set up with the assistance of Prince Alwaleed Bin Talal, widely reported as one of the world's richest men. Citigroup's board is refusing him permission to go, unless he forgoes his right to a corporate jet and bodyguards, however.
In another and more successfully consummated job move, Carlyle Group, the private equity firm, hired Karen Bechtel, head of Morgan Stanley's private equity group, as managing director and co-head of its global healthcare team based in New York.
Senior Moves: Morgan Stanley Raids CSFB
Morgan Stanley hired two from Credit Suisse First Boston, the former employer of its new CEO, John Mack. Gary Lynch, chief legal officer at CSFB, joined Morgan Stanley in a similar capacity, as did Stuart Breslow, chief compliance officer from CSFB.
Jefferies Group, the investment bank, said John Shaw, its president and chief operating office,r was retiring and that Richard Handler, chief executive, would become president.
Investment Banking: Banc of America Poaches from Morgan Stanley
Banc of America Securities (BAS) hired Robert Shepardson from Morgan Stanley as managing director and head of telecoms investment banking. Shepardson was a managing director and the head of North America telecom at Morgan Stanley.
ThinkEquity Partners, a research-focused investment firm, hired Shez Bandukwala from Hilco Enterprise Valuation Services, as a partner in investment banking in the Chicago office.
Equities: Lazlo Joins Media and Telecoms Team at BAS
Telecommunications was also on Banc of America Securities' equity capital markets shopping list. Andor Laszlo joins the bank from EagleRock Capital Management as a member of its equity capital markets team focused on media and telecommunications companies and their investors.
The bank also hired Scott A. Mushkin from Lehman Brothers as a vice president and senior equity research analyst, covering the food & drug retailing and healthy lifestyle sectors.
Separately, and in proof there is life after equities analysis, General Motors hired Stephen Gerson, a top ranked autos analyst from Morgan Stanley, as a special advisor to assist with its turnaround efforts.
Deutsche Bank promoted John Hitchon, global chief operator of its proprietary trading desk, to global head of prime services. He will relocate from New York to London.
Commodities: BNP Paribas Hires Hartz
BNP Paribas hired in commodity derivatives. William Hartz joins from Bank of America as a senior trader in New York.
Asset Management and Private Banking: Citadel Hires Russell
Citadel Investment Group, the Chicago-based hedge fund with over $12 billion under management, hired Joe Russell, former head of high yield loans and leveraged debt at CSFB, as its head of fundamental credit based in Chicago.
The PrivateBank and Trust Company, Chicago, a unit of PrivateBancorp, hired two managing directors. Richard Powers joins from RSM McGladrey in Chicago and Susan Vonder Heide joins from LaSalle Bank in Chicago.
Ladenburg Thalmann Asset Management, a subsidiary of Ladenburg Thalmann Financial Services, hired Lawrence B. Weissman from Citigroup Asset Management as its chief investment strategist.
D. E. Shaw group, a New York-based alternative investment fund focused on the technology industry, hired Anthony Foley from State Street Global Advisors as a senior vice president and head of quantitative research.