Two former Citigroup Inc. executives have established a private equity firm that will focus investments on consumer financial services in emerging markets, according to Investment News Daily.
Robert B. Willumstad, former president and COO and Marge Magner, previously chairman and CEO of Citigroup’s global consumer group, launched Brysam Global Partners. The two left Citigroup in 2005 during the reshuffling of personnel by CEO Charles Prince.
The fund is expected to make control investments of its own capital and investor funds. It will also co-invest with financial institutions and private equity firms.
The new firm was created in order to fill a need in the investment arena for experienced operating management services, says Willumstad in a statement.
“There is currently an abundance of capital available for investment in financial services businesses, but a shortage of operating experience to help grow these companies and make them more efficient,” added Willumstad.