Carlyle’s Financial Services Head Sarkozy Is Said to Resignby , , and
Firm raised $2.1 billion across two funds under his leadership
Sarkozy previous co-led financial institutions banking at UBS
Carlyle Group LP’s Olivier Sarkozy, the head of the private equity firm’s financial services group, has resigned, people with knowledge of the move said.
Sarkozy, the half-brother of former French President Nicolas Sarkozy, joined Washington-based Carlyle in 2008 from UBS Group AG. Carlyle raised two financial services investment funds under his leadership. The first raised $1.1 billion and the second got $1 billion.
Sarkozy will continue as a senior adviser to the firm, one of the people said. The people asked not to be named because the departure hasn’t been announced.
A spokesman for Carlyle declined to comment. Sarkozy didn’t respond to e-mail and phone messages seeking comment.
Sarkozy, who turned 47 on Thursday, led Carlyle’s investments in TCW Group Inc., BankUnited Inc., Boston Private Financial Holdings Inc., Central Pacific Financial Corp. and Duff & Phelps Corp., among others. His first fund, which started investing in 2008, was generating a 13 percent annualized return after fees as of March 31, according to Carlyle’s first-quarter earnings statement. The firm hasn’t yet disclosed a return for the second fund, which started investing in 2013.
In March, Carlyle added David Zwiener as an operating executive in the financial institutions group. Zwiener co-led the group from 2007 to 2008 before working at Wachovia Corp., Dowling Capital Partners and PartnerRe Ltd.
At UBS, Sarkozy was global co-head of the Zurich-based bank’s financial institutions group, working on deals including Sallie Mae Bank’s attempted $25 billion take-private transaction, the $17 billion merger of Mellon Financial Corp. and Bank of New York Co., and Wachovia’s $14 billion acquisition of SouthTrust Corp. He previously spent 11 years at Credit Suisse First Boston.
He married fashion designer and former actress Mary-Kate Olsen last year.
Sarkozy also created Athena Art Finance Corp. last year. Carlyle led a $280 million investment in the venture, which lends to owners of high-end art. Athena may later package loans together and sell slices of them to investors, co-founder and Chief Executive Officer Andrea Danese said in a Bloomberg Television interview in March.
Carlyle, which manages $178 billion in private equity holdings, real estate, credit assets and hedge funds, started its financial services deals team in 2007. Other recent departures from the firm include Mitch Petrick, who oversaw its credit and hedge-fund business, and Jacques Chappuis, who led its funds-of-funds unit. The two executives are senior advisers to Carlyle.