Corsair brings on former Citi exec, NY official

The New York-based private equity firm is adding to its advisory team

New York-based Corsair Capital has hired Edward “Ned” J. Kelly III, and Ranji H. Nagaswami, as senior advisors.

Prior to joining Corsair, Kelly was the chairman of the Institutional Clients Group at Citigroup. While at Citi, Mr. Kelly served in a number of executive roles, including chief financial officer, head of global banking and president and CEO of Citi Alternative Investments. He is currently a director of XL Group plc and serves as the lead director of CSX Corp.

Nagaswami was previously chief investment adviser to Mayor Bloomberg’s administration for the City of New York. While at the New York City pension system, she focused on creating a restructuring plan for strategic investment policy allocation and overhauling the Boards’ decision making processes.

Kelly and Nagaswami will support the firm in its identification and evaluation of new investments. Kelly will focus his efforts on the U.S. financial services sector. Nagaswami will concentrate on new investment opportunities in the U.S. asset management sector. Both will provide strategic counsel across the firm’s portfolio globally.

Corsair is currently investing out of its fourth fund which closed on just under $1 billion in March of last year, according to Private Equity International’s research and analytics division.