Citigroup’s Zicari, Cunningham Said to Leave for Own FirmJodi Xu Klein and Dakin Campbell
Citigroup Inc. senior-investment bankers Michael Zicari and Jason Cunningham have left to start their own advisory firm, according to two people familiar with the matter.
Zicari, a managing director on the leveraged-finance team, and Cunningham, a managing director at the alternative-assets group, which advises financial-sponsor clients, had each worked at the New York-based bank for the past two decades, according to the people, who asked not to be identified without authorization to speak publicly. They have founded Eaglehill Advisors LLC, a direct-lending firm, said one of the people.
Their departure comes as Citigroup fell to sixth this year among firms advising private-equity clients from third in 2007, according to data compiled by Bloomberg. Its ranking as an underwriter of U.S. leveraged loans has slipped to seventh from third in the same period, the data show.
Danielle Romero-Apsilos, a spokeswoman at Citigroup, declined to comment. Zicari and Cunningham didn’t immediately respond to e-mailed messages seeking comment.
Zicari worked in capital-markets origination, the business run by Tyler Dickson, while Cunningham worked in corporate and investment banking, the unit headed by Raymond McGuire, said one of the people. Cunningham was hired by Citigroup in 1994 and Zicari joined the bank’s predecessor, Salomon Brothers, the same year, according to Financial Industry Regulatory Authority records.
Eaglehill advises middle-market companies, according to Zicari’s LinkedIn profile.