Carlyle strengthens US leveraged finance

The US-based private equity house has hired the former CFO of Bank of America to boost its leveraged finance operations.

Global private equity firm The Carlyle Group has appointed James Hance, former vice chairman and chief financial officer of Bank of America, as a senior adviser.

Hance, 61, joined Carlyle at the beginning of December and will be based in its New York office.

In his new role at Carlyle, Hance will help to expand the firm’s leveraged finance business, which manages seven collateralised debt obligations totalling $3 billion (€2.54 billion).

Hance retired from Bank of America, where he served for almost 18 years, in January 2005. He joined NCNB, Bank of America’s predecessor, in March 1987 and served as chief financial officer from July 1998 to early 2004 and served as vice chairman and member of the board from 1999 until his retirement.

Prior to NCNB and Bank of America, Hance worked for 17 years at PricewaterhouseCoopers.

Carlyle launched its European leveraged finance business in August 2004 with the appointment of Mike Ramsay, former head of leveraged finance at Prudential M&G, as managing director.