At the high ranks of the private equity investment business, professionals tend to be men. A few women, however, have been able to break into the boys’ club. Among those few women to have become general partners is Marjorie “Marge” Magner, formerly the chief operating officer of Citigroup’s Global Consumer Group and the co-founder of the recently established Brysam Global Partners.
The 57-year-old Magner began her career in the financial sector as a member of Equitable Life Insurance’s actuarial department, according to a biography from Accenture, on whose board Magner has served since February of last year. In 1974, she became a managing director at the Chemical Technologies division of Chemical Bank, a bank holding company that consists of commercial and mortgage banking divisions, as well as a trust services one.
Magner then joined Citigroup, where she worked from 1987 until August of 2005. There she worked in various divisions, including retail banking and cards and consumer finance. She became the chief operating officer of the Global Consumer Group in April 2002. With that position, she was responsible for the North American Retail Banking organisation, the Global Retail Banking product, Primerica Financial Services, CitiFinancial North America, Women & Co., and CitiCapital. She also helped oversee the company’s Western European and Japanese consumer operations.
In early 2006, Magner joined the board of directors at Accenture, a global management consulting, technology services and outsourcing company. She also serves as a director for global financial services provider Charles Schwab, news company Gannett Media, City University of New York member Brooklyn College, teen volunteer organisation Do Something and poverty combating non-profit Millennium Promise.
Magner co-founded Brysam with fellow Citigroup alum Robert Willumstad, who was the bank’s chief operating officer. The new firm will invest in financial services and emerging markets and plans to co-invest with other private equity firms and financial institutions. It reportedly has raised $1 billion from investors to date.