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Bain & Company's patriarch, Bill Bain, persuaded Mr. Romney, one of his rising stars, and several other young Bain consultants to run Bain's new private equity operation.
Bullion owns 35 percent of the private equity operation, which has $919 million under management, according to the chief executive of EFG-Hermes, Hassan Heikal.
But what surprised many analysts was a 64 percent decline in investment banking revenue, to 1.25 billion francs, mainly driven by a slump in fixed-income trading and sales, but even the company's traditionally strong equity operation reported a drop.
BCCL's ad for equity operation, Brand Capital, insists that it has effective internal rules to prevent conflicts of interest.We have also amended the penultimate paragraph to clarify that the stockmarket regulator's censure came in an interim order.
He joined Goldman Sachs, moved on to Morgan Stanley's private equity operation in 1998 and stayed on when the unit separated from Morgan Stanley in 2004 and became Metalmark Capital.
His departure was announced as part of a revamp that will see his buyouts division combined with the growth capital business to form one private equity operation, which will be run along regional lines.
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He could also sell nonessential businesses, like the insurance arm and the private equity operations.
Another change would prevent institutions from investing their own money in hedge funds or private equity operations.
Other foreign brokerage firms have also abandoned equity operations in Japan this year, notably ABN Amro and Société Générale.
Mr. Baratta, who is based in London and oversees the firm's European private equity operations, will move to New York in September, Blackstone said in a statement.
The Blackstone Group said on Wednesday that it had named Joseph Baratta, one of its senior deal makers, as head of its global private equity operations.
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