Carlyle Group Launches Unit to Focus on Financial Services Acquisitions
The Carlyle Group, one of the world’s largest private equity firms with $58.5 billion under management, has launched a unit to acquire financial institutions.
Carlyle did not indicate how much capital it would allocate to the Carlyle Financial Institutions Group.
But when it comes to private equity, "who" is almost as important as "how much." Edward J. “Ned” Kelly III, former chairman, chief executive
officer, and president of Mercantile Bankshares Corp., and David K. Zwiener, former president and chief operating officer of The Hartford Financial Services Group Inc.’s property and casualty operations, have been named managing directors and will lead the new unit.
Kelly ran Mercantile from 2001 to 2006. Zwiener, meanwhile, was at Hartford from 1995 to 2001.
In announcing the deal, David M. Rubenstein, co-founder and managing director of Carlyle, cited the "global growth in demand for financial products" as one of the reasons why the firm was forming Carlyle FIG.
Carlyle operates about 20 different investment units.
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