Home Business Lazard hires ex-JPMorgan VP Donahue for private lending Reuters

Lazard hires ex-JPMorgan VP Donahue for private lending Reuters


© Reuters. FILE PHOTO: The Lazard Ltd logo and trading information appear on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid/File Photo

Lannh Nguyen

NEW YORK (Reuters) – Lazard (NYSE: ) Ltd has hired former JPMorgan banker Timothy Donahue as vice chairman of its U.S. investment banking division in New York, Lazard said on Tuesday.

Donahue, who previously served as vice chairman of capital markets at JPMorgan Chase & Co (NYSE: ), will help lead the major investment bank’s private credit business. He holds a BA and JD from Fordham University.

“The private credit markets have seen tremendous growth over the past few years, and we see significant opportunity to expand,” said Peter Orzag, chief executive officer of Lazard’s financial advisory division.

“With the addition of Tim, who has extensive experience advising executives and investors in the private credit markets, we are adding to our strong talent pool.”

Private credit – which includes loans or financing from non-bank institutions – has grown rapidly over the past decade as traditional banks have faced increased regulatory restrictions on lending, particularly to non-investment-grade borrowers.

Private loan assets have more than doubled to more than $1 trillion since 2015, according to data provider Preqin.

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