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Centerbridge Partners is hiring Goldman and Morgan Stanley juniors in London

Want to work for a U.S. private equity fund in London? Junior bankers are leaving Goldman Sachs and Morgan Stanley to work for Centerbridge Partners, a U.S. fund with around $14bn under management, spread across credit, distressed investments and special situations strategies.

At least two banking juniors have joined Centerbridge in recent weeks. They include Alessandro Paccagnella, a former investment banking associate at Goldman Sachs in London, and Josh Goldman, a former analyst at Morgan Stanley in London. Both are arriving at Centerbridge as associates.

Centerbridge has been in London since 2011, but is selectively recruiting. Last September, for example, it hired Alex Stirling from Carlyle as a senior managing director in London, and in October it hired Alex Manchel, an associate from Riverstone Holdings and former analyst at Barclays.

Centerbridge typically hires one or two associates from leading investment banks each year, and Paccagnella and Goldman appear to be the 2018 intake. Paccagnella joined Goldman Sachs in 2015. Goldman joined Morgan Stanley a year later. Like most private equity funds, Centerbridge clearly likes to hire young bankers with two or three years' experience. 

The moves come after suggestions that junior bankers who move into private equity don't find the sector as rewarding as they'd anticipated: the hours are still long and the work can still involve a lot of financial modelling. They also come after the head of one German private equity fund told us he doesn't hire juniors from banks because they're too "sales oriented" and insufficiently able to view complex companies from an operational perspective. Centerbridge would clearly disagree.

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AUTHORSarah Butcher Global Editor

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