Bloomberg Quadrangle Group
Bloomberg Quadrangle Group
NYC Mayor Bloomberg Pulling $5 Billion from Quadrangle
New York City’s Mayor Bloomberg is expected to pull an estimated $5 billion from Quadrangle Group, a NY-based buyout firm. This is another high-profile blow to the private equity group, which is under investigation by the state attorney general.
Quadrangle is another target of New York state AG Anthony Cuomo’s investigation into pay-to-play schemes between private equity firms and pension funds. Those Quadrangle employees working on Bloomberg’s account are leaving and may continue managing Mayor Bloomberg’s account through a family office.
The development is another blow to Quadrangle, a New York-based private-equity and investment firm, which is under investigation by the New York state attorney general into how it secured an investment from New York state’s pension fund, and whose co-founder Steven Rattner left early in 2009 to lead the Obama administatrtion’s efforts to rebuild the U.S. car industry.
Quadrangle told its clients late last week that Bloomberg’s account would be leaving along with the Quadrangle team, lead by Alice Ruth, that managed it.
Lattman’s sources reckon Ruth and at least some of her ex-Quadrangle team of about a dozen will continue to manage the Bloomberg account, perhaps as a private family office.
Bloomberg, a friend of Rattner who grew wealthy building the Bloomberg LP media company before going into politics, awarded Quadrangle the money-management mandate, which increased its assets under management nearly twofold, in 2008. Source
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Tags: Bloomberg Quadrangle Group, Bloomberg Quadrangle Group $5 billion, private equity firms and pay to play investigation, private equity Bloomberg, Mayor Bloomberg, Steven Rattner
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