The private equity divisions of the two investment banks sold their combined stakes to HSBC in 2005 for about $1 billion — a 14-fold increase on their initial investment.
His father was a manager in the equities division of the Amsterdam-Rotterdam Bank, in Amsterdam.
Revenue at the equities division of the investment bank tumbled by half in the first quarter, compared with the same period in 2007, but much of the fall can be put down to reduced levels of proprietary trading as the bank pegged back its trading limits.
In January 2007, Mr. Doctoroff recruited Mr. Lieber, then the managing director for the private equity division of Lehman Brothers, to become the president of the city's Economic Development Corporation.
"The direction of what happened makes sense," said Robert W. Smith, a portfolio manager in the equity division of T. Rowe Price Associates, the mutual fund company.
The $33 billion buyout of HCA, the major hospital management chain, by Bain Capital, Kohlberg Kravis Roberts & Co. and the private equity division of Merrill Lynch, beats the record set 17 years ago in KKR's $30 billion buyout of RJR Nabisco.
Seven firms — Bain Capital, the Blackstone Group, the private equity division of Goldman Sachs, Kohlberg Kravis Roberts & Company, Providence Equity Partners, Silver Lake and the Texas Pacific Group (now TPG Capital) — teamed up to buy SunGard, paying a 44percentt premium for the company, whose products are used by banks and other financial institutions.
"They face tough headwinds in rising raw-materials costs and falling currencies," said Richard Rosen, head of the value equity division of MacKay Shields Financial.
"We didn't have the infrastructure in the U.S. to build the large projects we were starting to see in Europe," said Bryan Martin, head of the private equity division of hedge fund D.E.
The 270-room hotel changed hands in December after the private equity division of Dubai World defaulted on a $117 million mezzanine loan in the face of dwindling business.
