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Blackstone, CrossHarbor execs in early talks -sources

Tue Nov 18, 2008 1:13pm EST

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NEW YORK, Nov 18 (Reuters) - Stephen Steinour, an executive at Boston-based asset manager CrossHarbor Capital Partners, is in early talks with Blackstone Group (BX.N) to put together a fund to invest in distressed banks and financial institutions, sources familiar with the matter said.

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The sources, one of which is close to Steinour, cautioned that the talks could quite well go nowhere as the market for fundraising is so difficult.

Steinour was formerly chief executive of Citizens Financial Group. Boston-based CrossHarbor Capital Partners announced in March he was joining as managing partner.

Blackstone, one of the world's largest private equity firms, declined comment. CrossHarbour did not return a call for comment. (Reporting by Dan Primack at peHUB (part of Thomson Reuters) and Megan Davies at Reuters in New York)

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