The Carlyle Group has hired Steve Sterling as a managing director and head of the research team for its US leveraged finance group. It is one of several new, high-level positions the firm created this year as it continues to expand the scope and size of its global operations.
Sterling was most recently a senior managing director in the high-yield capital markets and loan sales division of Bear Stearns. Before, he worked in leveraged credit at Lehman Brothers and Bank of America.
He will be based out of Carlyle’s New York office, and will begin his duties on 15 January.
The newly created position will “enhance our team’s ability to anticipate market opportunities and implement investment ideas”, Carlyle’s head of US leveraged finance, Michael Zupon, said in a statement.
This year has seen the establishment of several new positions within Carlyle; the firm hired former Covington & Burling attorney Dave Marchick as head of global regulatory affairs, and former Brunswick Group director Ellen Gonda as head of public relations for the Americas.
Carlyle’s global leveraged finance group manages $9 billion (€6.3 billion); the US leveraged finance group manages $5.2 billion across nine funds. The group invests in below-investment grade corporate loans, bonds and special situations in the aerospace, consumer products, defence, healthcare, industrial, telecommunications, media, transportation and technology sectors.