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 Private Equity News Performance and Updates

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PostSubject: Private Equity News Performance and Updates   Fri Oct 22, 2010 11:23 am

KKR Beats Avenue Cap for Goldman Prop Desk Team
It appears Henry Kravis and his partners got their men from Goldman Sachs' proprietary trading desk, beating out a well-known hedge fund manager.

KKR, one of the biggest private equity firms in the space, has hired Bob Howard and his nine-person team of proprietary traders from Goldman, as the private equity firm continues to diversify its offerings.

"This is part of a strategic build out of our asset management platform," KKR said in a statement that has been widely published. "Our goal has been to add new capabilities and exceptional talent that allow us to strengthen our product offering and better service our clients."

Howard and his team were reportedly being wooed by hedge fund manager Marc Lasry to work for his firm Avenue Capital. Lasry did not pull off the upset, and KKR appears to have been the ultimate victor in the contest.

A spokesman from Avenue Capital said the firm declined to comment on the news.

Goldman is unwinding it proprietary trading desk to comply with the Dodd-Frank Act recently financial reform bill. The law limits the stakes a bank can take in a private company, such as a hedge fund or a private equity fund, as well as limiting its proprietary trading, where a bank invests its own capital.

The team's last day with Goldman will be at the end of this year, according to a spokesman from the bank.

"Over several decades, Principal Strategies has been a successful global investing business with a strong performance record and a culture of disciplined risk management," Goldman said in a statement. "We wish Bob Howard and his team every success in their new home."

KKR recently became a public company in the United States. The firm's shares were up 33 cents, or 3%, to $11.71 per share, in mid-morning trading on Thursday.

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