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Carlyle establishes financial institutions group for Banking and Insurance Investments

Global private equity firm Carlyle Group has established a financial institutions group to make investments in the global financial services sectors, including banking and insurance, heade

Global private equity firm Carlyle Group has established a financial institutions group to make investments in the global financial services sectors, including banking and insurance, headed by managing directors Edward J ‘Ned’ Kelly III and David K Zwiener.

Kelly, the former chairman, chief executive and president of Mercantile Bankshares, and Zwiener, a former president and chief operating officer of The Hartford Financial Services Group’s property and casualty operations, will be based in Washington, DC and New York, respectively, and will build a team to pursue investments around the world and will work closely with Carlyle professionals globally.

Says Carlyle co-founder and managing director David M. Rubenstein: ‘The global growth in demand for financial products and services combined with our ability to attract accomplished professionals makes this an opportune time to start this new investment practice. We expect that Ned and David will leverage Carlyle’s global platform to quickly establish us as serious investors in the financial services space.’

Kelly says: ‘This is a rare opportunity to build a practice from the ground up within an established enterprise. Through Carlyle we’re able to combine smart capital with intense sector expertise, supported by a global network.’

Adds Zwiener: ‘Given the enormous global capabilities of Carlyle, and the rapidly accelerating pace of change within the insurance sector – technology, regulatory and capital – our team will have a tremendous opportunity to capitalise on this environment.’

Kelly joined Baltimore-based Mercantile Bankshares as its president and chief executive in 2001 and became chairman as well in 2003. Under his leadership, the Baltimore, MD-based bank’s assets nearly doubled and its market capitalisation more than doubled with the announcement of its deal with Pittsburgh-based PNC Financial Services late last year.

He previously spent six years at JP Morgan, where he was the head of the global financial institutions group, and became co-head of investment banking client management as well following Morgan’s merger with Chase. He joined JP Morgan in 1994 as general counsel and secretary from the law firm of Davis Polk & Wardwell, where hew was a partner specialising in financial institutions.

At The Hartford, Zwiener was previously executive vice-president and chief financial officer from 1995 to 2001. Earlier he was senior vice-president and treasurer and subsequently executive vice-president for capital markets at Heller International, and then executive vice-president and chief financial officer with ITT Financial.

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