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CSFB“摇钱树”古德曼计划自立门户

级别: 管理员
CSFB's Goodman to Explore Starting Venture of His Own


When Warburg Pincus LLC bought TransDigm Holding Co. in June, Credit Suisse First Boston won the mandate to arrange $400 million in junk-bond financing, based on the relationship both buyer and seller had with Bennett Goodman , CSFB's powerful head of high-yield finance.

With negotiations unfolding in fragile markets soon after the Iraqi war, "we knew we could look to Bennett to make sure the deal got done, as opposed to wiggling out" if markets turned down, said Kewsong Lee, head of leveraged buyouts at Warburg, who had lunched with Mr. Goodman at Manhattan's fancy Four Seasons restaurant only a few months earlier.

That's why Mr. Goodman's plans, announced Thursday, to relinquish his management role and explore launching his own money-management business are a blow to the Credit Suisse Group securities unit, where the junk-bond franchise has been one of the firm's healthiest businesses. Mr. Goodman, whose annual pay of more than $15 million makes him among the top three-highest paid executives at the firm, joined CSFB when the firm bought Donaldson, Lufkin & Jenrette Inc. in 2000.

Under Mr. Goodman, CSFB has ranked No. 1 in high-yield debt by corporate issuers in each year since 2000, according to Thomson Financial. This year, CSFB has led $14.1 billion in new high-yield issues, and its year-to-date total tops that of any full year since 2000, Thomson said. In the second quarter, CSFB's bond operations accounted for half its operating income, and leveraged finance accounted for the bulk of a 14% increase in fixed-income profit, a CSFB spokeswoman said.
Mr. Goodman, 46 years old, plans to continue as chairman of merchant banking and leveraged finance through year-end. In 2004, he plans to serve as a senior adviser to CSFB Chief Executive Officer John Mack while he decides whether to move ahead with a new investment management business, Mr. Mack said in an internal memo Thursday. Mr. Goodman, who plans to "explore new opportunities in principal investing," already had handed over management of the firm's leveraged-finance unit to Doug Ostrover and Tripp Smith at the start of this year.

Mr. Goodman took the lead in acquiescing to demands by Mr. Mack in 2001 that top DLJ executives should relinquish guaranteed pay packages they had negotiated with Mr. Mack's predecessor, Allen Wheat. Mr. Goodman has a good relationship with Mr. Mack, people who know him say.

Mr. Goodman suffered a high-profile setback in June, when Mr. Mack led a decision -- over Mr. Goodman's objections -- to drop one group of bidders, including Los Angeles investor Marvin Davis, in the auction for U.S. entertainment assets of Vivendi Universal. Mr. Mack opted for the firm to advise General Electric Co. in the auction after GE insisted on an exclusive basis.

Other senior bankers at CSFB have been more important running the day-to-day business lately. But one banker at the firm describes Mr. Goodman as "CSFB's Mariano Rivera," referring to the New York Yankees' ace reliever, who often seals victories with late-inning saves. Yet at times Mr. Goodman also has turned down promotions, including top posts in investment banking, according to people familiar with CSFB.

Mr. Goodman also has a track record for helping DLJ and CSFB rack up hefty returns in junk bonds and related lending businesses, while steering the firm around a series of potholes in the bond market. In the fall of 2000, for example, Mr. Goodman had the firm slash its exposure to the telecom sector, even as other firms held on to their investments, saving CSFB from heavy losses.

In a speech to his group Thursday morning, Mr. Goodman said he wanted to try something new and let younger bankers have more authority. Though some on Wall Street speculated Mr. Goodman might jump to another firm, he said he is more likely to start his own investment fund or private-equity firm. "I'm not going to a competitor, I'm not going to some big global securities firm," he said in an interview.

"The timing for this, in my mind, couldn't be better," Mr. Goodman said. "Our franchise has never been stronger."
CSFB“摇钱树”古德曼计划自立门户

华平创业投资有限公司(Warburg Pincus LLC)6月份收购TransDigm Holding Co.时,瑞士信贷第一波士顿(Credit Suisse First Boston Corp., CSFB)赢得了一笔为华平安排4亿美元垃圾债券融资的业务。赢得这笔业务要归功于贝奈特?古德曼(Bennett Goodman)与双方公司的良好关系。古德曼是CSFB高收益融资部的强势领导人。

伊拉克战争结束后不久,各项业务谈判逐渐开展起来。华平创业投资有限公司杠杆收购部经理Kewsong Lee说,他们知道即使市场低迷,古德曼也能保证交易顺利完成。数月之前,Kewsong Lee曾与古德曼在曼哈顿的四季酒店(Four Seasons)共进午餐。

这也解释了为何古德曼昨天的一项计划会对瑞士信贷集团(Credit Suisse Group)证券部门造成打击,古德曼昨日声称将放弃在CSFB的管理职务,开创自己的理财业务。垃圾债券特许经营业务也是证券部最为成功的业务。古德曼是在CSFB于2000年收购帝杰公司(Donaldson, Lufkin & Jenrette Inc.)时加盟CSFB的,如今他享受著1,500万美元的年薪,成为公司收入最高的3位管理人员之一。

据Thomson Financial调查,在古德曼的领导之下,2000年以来,CSFB每年都在公司高收益债券发行业务方面排名第一。

现年46岁的古德曼计划年底之前继续担任投资银行及杠杆融资业务部的董事长。CSFB首席执行长麦克(John Mack)昨天在一份内部备忘录中称,古德曼计划2004年出任其高级顾问,到那时他再最终决定是否开创自己的投资管理业务。古德曼其实在今年初已将公司杠杆融资部的管理权交给了Doug Ostrover和Tripp Smith。

古德曼周四上午在对其团队的一番讲话中称,他希望尝试新的领域,并让年轻的银行家们拥有更多的决策权。虽然华尔街一些人士猜测,古德曼可能跳槽去其他公司工作,但他自己却说未来更可能会建立自己的投资基金或私人资本运营公司。
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