March 30 (Bloomberg) -- Mark Lane, a managing director at Lazard Capital Markets LLC who recently returned to work after a 3 1/2-year hiatus to help raise four young sons, has died after being hit by a boat in Turks and Caicos Islands. He was 44.
Lane was on a family vacation when he was struck by a motor boat March 24 while swimming off Grace Bay beach on Providenciales, said Paul Baker, a spokesman for the Royal Turks and Caicos Police. He was snorkeling, his wife, Lisa Craig, said yesterday in an interview. After the collision, which occurred around 3:30 p.m. local time, he was taken to a hospital and pronounced dead. The incident is under police investigation.
Since joining New York-based Lazard as head of fixed-income trading in November, Lane was helping to expand the business’s relationship with Lazard Ltd., the world’s largest independent merger adviser. He had been working on Wall Street for almost two decades, and ran debt trading desks at firms including Merrill Lynch & Co., Deutsche Bank AG and UBS AG in New York and London.
“He touched every aspect of the credit world, and he did so very successfully,” said Robert Okun, a senior partner at New York-based Oak Hill Advisors LP and a friend of Lane’s. “He had an excellent sense of risk and understanding risk and managing risk.”
Lane was on Providenciales with his wife and their sons Wiley, 13, Peyton, 12, Grant, 9, and Trevor 8. The incident happened within the first couple of days of their visit to the British islands about 500 miles southeast of Miami.
Priorities in Life
In 2008, Lane quit his job as co-head of global distressed trading at Zurich-based UBS to spend more time with his family, friends and relatives said.
“Mark got it very early on that priorities in life are not necessarily about how hard you can work or how much money you can make or what level of career achievement you get to, but about the contributions that you have with your family,” said Michael Vitale, a professor and chief of pediatric spine surgery at Columbia University Medical Center in New York, who attended Trinity College with Lane.
Lane, who lived in a townhouse in the Park Slope neighborhood of Brooklyn, didn’t need to keep working for financial reasons, his father, Andrew Lane, said in an interview. Before UBS, Mark Lane was a managing director at Deutsche Bank and Merrill Lynch, where he helped expand the European leveraged finance business. Lane was also a high-yield trader at Salomon Brothers Inc. in the mid-1990s.
Born in Boston
“It was the trust and the capabilities that made Mark a great asset and a great partner for me,” said Tim Grell, head of global fixed income at Lazard Capital. “He traded high-grade, he traded high-yield, he traded emerging markets, he ran businesses and desks in each of those, he ran a distressed business, which got him into trading loans as well.”
Mark Wiley Lane was born in Boston on April 14, 1967, to Andrew and Margo Lane. His father was an attorney and his mother an admissions director at the Advent School in Boston. They are both retired.
Lane grew up in Newton, Massachusetts, a Boston suburb, and graduated from Trinity College in Hartford, Connecticut, in 1989, his father said. He earned a master’s in business administration from the University of California, Los Angeles, in 1993.
After UCLA, he went to work as a high-yield trader at Salomon Brothers under Okun. It was there that Lane met Craig, then an associate in corporate finance. They were married in 1997.
Lane left Salomon in 1996, Financial Industry Regulatory Authority records show, and went to Merrill Lynch. He left that New York-based firm in 2001 and joined Deutsche Bank in 2002, where he worked until 2004. Lane was hired by UBS in 2006 and left in February 2008.
“He was taking the kids to school and picking them up and hanging with them and making sure they were doing their homework,” Okun said. “He definitely got into that job.”
In the neighborhood, Lane stood out at 6-foot-5, 245 pounds (111 kilograms).
During the last six months of his hiatus, Lane started thinking about returning to work, Okun said. He considered jobs outside of Wall Street and turned down several offers from other financial firms before joining Lazard Capital, Okun said.
Grell said Lane was a “critical hire” as a trader and recruiter. Their objective was to sell capital markets products to Lazard Ltd. clients, Grell said.
“He wanted to find something where he could be a part of the build, be on the ground floor,” Grell said.
The boat driver is being “very cooperative” with authorities, Baker, the Turks and Caicos police spokesman, said. He is a native of the islands and his name isn’t being released, Baker said.
In addition to his parents, wife and children, Lane’s survivors include a brother, Drew Lane, and two sisters, Sara Lane and Julie Lane.
To contact the reporter on this story: Laura Marcinek in New York at firstname.lastname@example.org