| April 28
April 28 Chad Leat, a retired Citigroup Inc
executive who helped finance some of the world's largest
leveraged buyouts, is now working as a consultant for former
client Apollo Global Management LLC, people familiar
with the matter said.
Leat's new role underscores the appeal of alternative asset
managers, such as Apollo, to current and former investment
bankers as regulators scrutinize or crack down on many of the
activities of Wall Street banks.
Leat, who stepped down last year as chairman of Citigroup
Inc's alternative assets group and vice chairman of global
banking, now advises private equity and credit investment firm
Apollo on a range of its investment activities, the people said
The sources asked not to be identified because Leat's
engagement with Apollo has not been made public. Apollo declined
to comment on behalf of the firm and Leat.
Leat, 57, served as Citigroup's global head of loans and
leveraged finance between 1998 and 2005, was made co-head of
global credit markets in 2006 and, in 2008, was named chairman
of an alternative assets group created by Citi to offer advice
and financing to private equity firms.
During Leat's tenure, Citigroup underwrote loans for
mega-deals such as KKR & Co LP's $26 billion acquisition
of payments processing company First Data Corp. It also was
involved in the $45 billion takeover by KKR, TPG Capital LP and
Goldman Sachs Group Inc's private equity arm of the now
near-bankrupt Texas power company Energy Future Holdings.
As credit markets froze in the aftermath of the 2008
financial crisis, Citi struggled to sell many of its leveraged
loans on to debt investors and, facing writedowns on its books,
hammered out a $12 billion deal to sell some of these loans to
private equity firms, including Apollo.
Apollo is likely to tap Leat's fixed income as well as
leveraged buyout expertise. The New York-based firm had about
$161 billion of assets under management as of the end of
December, of which $49.9 billion was in private equity and
$100.9 billion in credit.
(Reporting by Greg Roumeliotis in Los Angeles. Editing by Andre