Financial services-focused Brysam Global Partners has closed its first deal with the acquisition of a 28 percent stake in Mexico City-based Ixe Grupo Financiero for $230 million (€172 million).
New York-based Brysam has already raised more than $1 billion, according to a source, for a fund that will focus on financial services in emerging markets including Mexico, Russia, India and China.
The firm was founded in January 2007 by two ex-Citigroup executives, Robert Willumstad, Citgroup’s former president and chief operating officer, and Marge Magner, the former chairman and CEO of Citigroup’s Global Consumer Group.
Since founding the firm, three more Citigroup alumni have joined Brysam. Duke Dayal, formerly COO of Citigroup’s North American Retail Distribution Business, is now a managing director at Brysam; Michael Dunn, who previously held the positions of CFO and COO of Citigroup’s Global Consumer Group, joined Brysam as a partner in April; and Trang-Thu Tran, the former director of strategic initiatives for Citigroup’s Global Transaction Services Business for the EMEA region based in London, is Brysam’s senior business analyst.
Willumstad left Citigroup in 2005 after having been passed over for the chief executive role following the departure of Sanford Weill, and has since become chairman of US insurer American International. As a result of that relationship, Brysam will refrain from investing in insurance companies to avoid conflicts of interest.