Wilbur Ross has appointed James B. Lockhart III vice chairman of WL Ross, the distressed investment affiliate of Invesco.
Lockhart (pictured) is chairman of the oversight board of the Federal Housing Finance Agency. He will take up his new role in September.
‘With his extensive government experience, deep knowledge of the U.S. mortgage markets and strong background in public/private finance, Jim is ideally qualified to help expand the financial services portfolio of the funds we manage,’ says Wilbur Ross, chairman of WL Ross and Invesco Private Capital. ‘Our investment team will benefit from Jim’s unique insights into the US mortgage markets, which will help us expand the compelling investment opportunities we can offer our institutional and individual clients.’
WL Ross manages funds that own American Home Mortgage Services and have substantial investments in Assured Guaranty, BankUnited, Montpelier Reinsurance, as well as VTG and Greenbrier in railcar leasing. It has sponsored and managed more than USD8bn of equity investments in distressed securities and closed a USD4bn distressed private equity fund in 2007.
‘I am very pleased to be joining Wilbur Ross and his renowned WL Ross and Invesco investment management teams,’ says Lockhart. ‘Their large global platform and growing portfolio of companies positions them extremely well to participate and aid in the recovery of the financial services sector. I am looking forward to continuing to work on that recovery while joining a growing business with exciting long-term prospects.’
Lockhart became director of FHFA and chairman of its oversight board with the signing of the Housing and Economic Recovery Act in July 2008. Previously, he was director of the Office of Federal Housing Enterprise Oversight, which is now part of FHFA. FHFA is the regulator of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
From 2002 to 2006, Lockhart served as deputy commissioner and chief operating officer of the Social Security Administration and as secretary to the Social Security Board of Trustees. He was a member of President Bush’s Management Council and its Executive Committee. Lockhart served in the previous Bush Administration as executive director of the Pension Benefit Guaranty Corporation from 1989 until 1993.
