Private Equity Professionals

Carlyle names financial services co-heads

The private equity firm has named managing director John Redett and AIG’s Brian Schreiber as co-heads of the financial services team following the resignation of Olivier Sarkozy last week.

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The Carlyle Group has named two co-heads of its financial services team to replace Olivier Sarkozy, who resigned from the firm last week.

Carlyle managing director and senior member of the financial services team John Redett was promoted to co-head, along with Brian Schreiber, who spent 20 years at AIG, Carlyle said. It added that Sarkozy, who had joined Carlyle eight years ago, will remain as senior advisor.

Earlier in his career, Redett was a vice president of the financial institutions group at Goldman Sachs, JPMorgan and Credit Suisse First Boston. He was involved in Carlyle Financial Services funds’ deals with BankUnited, Duff & Phelps Corporation and JenCap Insurance Solutions, among others.

Schreiber had been chief strategy officer, deputy chief investment officer, global treasurer and member of the operating committee at AIG. He led AIG’s investments in SunAmerica, American General and Edison Insurance Japan, among others.

Carlyle’s financial services group currently includes seven managing directors, including Redett and Schreiber, a chief operating officer, a principal, a vice president and an associate, according to Carlyle’s website.

The group raised two funds, Carlyle Global Financial Service Partners in 2008 and Carlyle Global Financial Service Partners II in 2011, under Sarkozy’s leadership. There are at least 15 portfolio companies in the two funds’ current portfolios, according to the Carlyle website.

Sarkozy’s departure followed that of managing director Mitch Petrick who is stepping down to launch his own investment management company while remaining at Carlyle as a senior advisor. Kenneth Hersh, who led Carlyle’s energy and natural resources group, was named deputy chief investment officer and was replaced by Carlyle president and chief operating officer Glenn Youngkin, as reported by Private Equity International.

A source close to the matter told PEI that these recent moves stand on their own and are not related. The person added Carlyle senior advisors serve part-time, allowing them to have other involvements.