- Guggenheim has been expanding through new hires in past year
- Friedman was Greenhill's head of financial services deals
Guggenheim Partners, the investment bank and asset manager led by Chief Executive Officer Mark Walter, hired dealmaker Steven Friedman from Greenhill & Co. to help build the firm’s financial institutions group.
Friedman was named a senior managing director and will focus on insurance, Guggenheim said Thursday in a statement.
Walter’s firm last year worked on the deal by Evan Greenberg’s Ace Ltd. to buy Chubb Corp. for more than $29 billion, one of the largest ever takeovers in insurance. Guggenheim Securities, the investment banking division, promoted Mark Van Lith and Gerald Donini to co-CEOs last year and has been expanding through new hires for energy transactions, restructuring and structured products. Guggenheim Partners also has a $240 billion asset manager and insurance operations.
“Steven’s client focus and deep understanding of the insurance industry will enhance our ability to deliver innovative ideas to clients in this important sector,” Van Lith said in the statement.
Friedman previously worked at UBS Group AG, Credit Suisse First Boston and law firm White & Case, Guggenheim said. He graduated from University of Pennsylvania’s Wharton School of Business and received a law degree from Tulane University.
“Mr. Friedman focused entirely on insurance at Greenhill,” a spokesman for that company said. “The firm is in the process of an external search to expand and upgrade its capabilities in that sector.”