Former Credit Suisse CEO Brady Dougan to launch ne
Post# of 5789
Posted On: 11/23/2016 8:32:59 AM
Former Credit Suisse CEO Brady Dougan to launch new bank
Bloomberg News
Brady Dougan left Credit Suisse Group AG in 2015.
Former Credit Suisse Group AG CS, +0.00% Chief Executive Brady Dougan plans to launch a merchant bank in early 2017 and has lined up a $3 billion investment to seed the venture, according to people familiar with the matter.
Dougan’s firm will be backed by Scepter Partners, a syndicate of Middle Eastern ultrawealthy families and state investment funds. The business, which is slated to launch next spring, will aim to make investments across a number of industries while providing investment-banking and trading services, the people said.
While the contours of Dougan’s plans are still taking shape, the concept is broader than many of the boutique firms other senior Wall Street executives have opened as they embarked on the next stage of their careers. Many of them have stuck to peddling merger advice and other businesses that require little financial risk-taking.
Dougan, 57, is going a different route. At the new firm, whose name has yet to be determined, Dougan could use the funds provided by Scepter to trade with clients and potentially for its own account, as well as underwrite capital raisings, the people said. Added debt could give the new business billions of dollars more to put to work beyond Scepter’s $3 billion investment. The entity is expected to draw additional investors, including Dougan himself, the people said.
An expanded version of this report appears on WSJ.com.
http://www.marketwatch.com/story/former-credi...2016-11-22
Bloomberg News
Brady Dougan left Credit Suisse Group AG in 2015.
Former Credit Suisse Group AG CS, +0.00% Chief Executive Brady Dougan plans to launch a merchant bank in early 2017 and has lined up a $3 billion investment to seed the venture, according to people familiar with the matter.
Dougan’s firm will be backed by Scepter Partners, a syndicate of Middle Eastern ultrawealthy families and state investment funds. The business, which is slated to launch next spring, will aim to make investments across a number of industries while providing investment-banking and trading services, the people said.
While the contours of Dougan’s plans are still taking shape, the concept is broader than many of the boutique firms other senior Wall Street executives have opened as they embarked on the next stage of their careers. Many of them have stuck to peddling merger advice and other businesses that require little financial risk-taking.
Dougan, 57, is going a different route. At the new firm, whose name has yet to be determined, Dougan could use the funds provided by Scepter to trade with clients and potentially for its own account, as well as underwrite capital raisings, the people said. Added debt could give the new business billions of dollars more to put to work beyond Scepter’s $3 billion investment. The entity is expected to draw additional investors, including Dougan himself, the people said.
An expanded version of this report appears on WSJ.com.
http://www.marketwatch.com/story/former-credi...2016-11-22
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