Quadrangle has named former UBS executive Bret Oettmeier as a vice president on the firm’s investment team.
Oettmeier worked in the media and telecom investment banking division at UBS for five years, prior to which he was focused on energy, oil and gas investments at the bank. The hire is part of Quadrangle’s transition to managing its current portfolio, a spokesperson for the firm said.
Quadrangle has implemented a number of leadership changes recently in order to boost its ability to support existing investments, announcing last month that co-founder Joshua Steiner would transition to the role of senior advisor, leaving day-to-day management to president and managing principal Michael Huber and managing principal Peter Ezersky. Andrew Frey and Ed Sippel, both of whom primarily focused on new investments, are leaving the firm, the announcement said.
Steven Felsher has also joined Quadrangle as a senior advisor, having previously worked at Grey Global Worldwide Group. Thomas Kohut, formerly with Ernst & Young, was also hired as a principal. The moves follow a tumultuous two-year period during which Quadrangle lost its leader and became embroiled in a major pension scandal.
Quadrangle has also told LPs its principals will kick in more of their own capital to pay for the firm’s operations, supplementing the management fee. It will also shift Fund II’s distribution structure to a European-style “waterfall”, meaning GPs will not take any carry until they have returned 100 percent of invested capital.
Quadrangle's former chief Steven Rattner left Quadrangle in 2009 to take up a high-profile post with the administration of US President Barack Obama, heading up a team restructuring the US auto industry. He served on the post for about six months, before stepping down amid reports that he was somehow involved in pay-to-play situations.