Former Greenberg co-worker raising fund(2)

Hank Greenberg’s former Morgan Stanley advisor, Douglas Brown, has reportedly begun raising a fund through DLB Capital.

Douglas Brown, a banker who advised American International Group’s (AIG) former chairman Maurice “Hank” Greenberg, has begun raising a $1.5 billion fund.

The fund will focus on investments in the global financial services sectors, the Financial Times and Pensions and Investments have reported. 

According to the Financial Times, Brown, a former vice-chairman at Morgan Stanley, has raised nearly $600 million (€464 million) through DLB Capital.

Brown founded DLB Capital with William Shea, formerly the president and chief executive officer of Conseco, an Indiana-based financial security provider, Pensions and Investments said.

Brown told Pensions and Investments that DLB Capital will buy asset management firms and also make invest in the banking and insurance sectors.

“The firm is now in the early stages of raising money and will be meeting with several large public pension funds as well as several private equity funds of funds interested in investing in DLB’s first fund,” Steven Johnson, a DLB Capital partner said. The firm has already begun working on five deals, and two of those deals are in the asset management sector.

Both the Financial Times and Pensions and Investments said that AIG will invest approximately $100 million in the DLB Capital fund.

Greenberg left AIG in 2005 after 40 years at the global insurance giant. He is currently the chairman and chief executive officer of C.V. Starr & Co., a global investment firm founded in 1919 that develops insurance companies.