Mike Bloomberg pulling out $5bn assets from PE firm Quadrangle
Media baron and New York City Mayor Michael Bloomberg is pulling out $5 billion worth of personal assets from investment firm Quadrangle Group, a media report said
By PTI |
NEW YORK: Media baron and New York City Mayor Michael Bloomberg is pulling out $5 billion worth of personal assets from investment firm Quadrangle Group, a media report said.
Attributing to people familiar with the situation, The Wall Street Journal report stated that Bloomberg was pulling around $5 billion of personal assets from Quadrangle Group's asset-management arm.
The move comes as a blow to the investment firm as it is already dealing with the departure of its co-founder Steven Rattner and an investigation by the New York state attorney general into how Quadrangle secured an investment from New York state's pension fund.
Last week, Quadrangle told its clients that the team managing Bloomberg's account would be leaving.
Two years ago, Bloomberg, a friend of Rattner, awarded Quadrangle a coveted money-management mandate.
Rattner, a former vice-chairman at investment bank Lazard Freres, co-founded Quadrangle with three of his partners in 2000. The firm started as a media-focused private-equity and advisory firm.
Last February, at the depth of the financial crisis, Rattner left the firm to join the Obama administration, which selected him to captain efforts to restructure the US auto industry.
Quadrangle's focus is now on its core private-equity operations, which manage roughly $3 billion.
Attributing to people familiar with the situation, The Wall Street Journal report stated that Bloomberg was pulling around $5 billion of personal assets from Quadrangle Group's asset-management arm.
The move comes as a blow to the investment firm as it is already dealing with the departure of its co-founder Steven Rattner and an investigation by the New York state attorney general into how Quadrangle secured an investment from New York state's pension fund.
Last week, Quadrangle told its clients that the team managing Bloomberg's account would be leaving.
Two years ago, Bloomberg, a friend of Rattner, awarded Quadrangle a coveted money-management mandate.
Rattner, a former vice-chairman at investment bank Lazard Freres, co-founded Quadrangle with three of his partners in 2000. The firm started as a media-focused private-equity and advisory firm.
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Last February, at the depth of the financial crisis, Rattner left the firm to join the Obama administration, which selected him to captain efforts to restructure the US auto industry.
Quadrangle's focus is now on its core private-equity operations, which manage roughly $3 billion.
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