UBS Banker Steve Pierson to Join Buyout Firm Lovell Minnick

  • Follows similar banker hires by largest private equity firms
  • Pierson brings corporate, financing relationships, Lovell says

Steve Pierson, UBS Group AG’s global head of financial technology, will join Lovell Minnick Partners as the private equity firm’s president, co-founder Jeff Lovell said.

Pierson, who also led financial institutions investment banking in the Americas at UBS, will start at Lovell Minnick next month. Before 2013 he was co-head of the financial institutions group at Credit Suisse Group AG.

The 49-year-old previously worked with Lovell, the private equity firm’s co-chairman, at investment banking firm Putnam Lovell Group. Pierson helped sell that firm to Jefferies Group in 2007.

“He’s somebody who’s been known to us for many years, personally to Jim Minnick and me for 20 years,” Lovell said in a telephone interview Tuesday. “The fit’s a good one. The chemistry’s there.”

Private equity firms often seek out top bankers to bring deal expertise and relationships that their investment professionals may not have. Blackstone Group LP, the largest buyout firm, has hired several former top bankers, including Tony James from Credit Suisse.

‘No Other’

Other large firms, including TPG, Carlyle Group LP and Apollo Global Management LLC, have also lured top talent from banks such as Goldman Sachs Group Inc. and JPMorgan Chase & Co.

“Steve is an individual with phenomenal industry experience and great relationships with corporate buyers and other sponsors,” Lovell said. “His knowledge of our partners and of our funds is fairly expansive. There’s no other candidate we would have seriously considered.”

Many bankers also seek a move to the so-called buy side for the possibility of higher pay and the feel of a smaller firm.

Pierson, a graduate of Virginia Tech University and Duke University’s business school, worked on the takeover of London Stock Exchange Group Plc by Deutsche Boerse AG, Barclays Plc’s acquisition of Lehman Brothers Holdings Inc. and State Street Corp.’s $4.5 billion acquisition of Investors Bank & Trust, among other transactions. He also worked on the initial public offerings of Moelis & Co., Virtu Financial Inc., Markit Ltd. and others.

Lovell Minnick, which has offices in Philadelphia and Los Angeles, was formed in 1999 and focuses on investments in financial and business services. The firm has raised $1.7 billion, including for a $750 million fund that finished gathering money last year.

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