Lazard hires ex-JPMorgan VP Donahue for private credit

The logo and trading information of Lazard Ltd is seen on a floor screen at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid/File Photo

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NEW YORK, Sept 6 (Reuters) – Lazard Ltd (LAZ.N) has hired former JPMorgan banker Timothy Donahue as vice chairman of the U.S. investment bank in New York, Lazard said on Tuesday.

Donahue, who previously served as vice president of capital markets at JPMorgan Chase & Co, will help lead the boutique investment bank’s private credit business. He holds a bachelor’s degree and a Juris Doctor from Fordham University.

“The private credit markets have grown tremendously over the past few years, and we see a significant opportunity to expand our coverage,” said Peter Orszag, managing director of financial advisory at Lazard.

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

Private credit – which encompasses lending or financing from non-bank institutions – has grown rapidly over the past decade as traditional banks face increased regulatory restrictions on their lending, especially to quality borrowers. lower.

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

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Reporting by Lananh Nguyen; additional reporting by Chibuike Oguh; Editing by Louise Heavens

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