Wednesday, 22 February 2017
Last updated 11 hours ago
Jan 22 2007 | 3:51pm ET
Two former Citigroup executives have set up a private equity shop focusing on consumer financial services in emerging markets. Former Citi Chief Operating Officer Robert Willumstad and Marge Magner, the ex-CEO of the firm’s global consumer group, have founded Brysam Capital Partners in New York. The pair left Citigroup in 2005, following a reshuffle at the top by CEO Charles Prince.
“There is currently an abundance of capital available for investment in financial services businesses but a shortage of operating experience to help grow these companies and make them more efficient,” Willumstad said. “It will be better to run companies that provide significant returns for their investors. At the end of the day, that is what Brysam will do—help companies grow, operate more effectively and generate greater returns.”
Brysam said it will make both control investments on its own, as well as co-investments with other private equity firms and financial institutions. The firm said it expects to bring other senior financial executives on board in the future.