Macquarie Capital hires Blackstone IPO adviser(3)

Robert Redmond, who also advised on the private equity buyouts of First Data Corp and TXU, will join as vice chairman to build its North American operations. It comes as parent Macquarie Group initiated a second round of global staff cuts, which have hit Macquarie Capital hardest.

Macquarie Capital Advisors has appointed former Barclays Capital executive Robert Redmond as vice chairman in a bid to grow the business in North America.

Redmond was previously vice chairman of Barclays Capital and before that spent 14 years at Lehman Brothers. During his time at Lehman, Redmond advised on the IPO of The Blackstone Group in 2007 as well as Kohlberg Kravis Roberts’ $26 billion buyout of First Data Corp. He also advised on the $32 billion deal in 2007 by KKR and TPG Capital for Texas power company TXU.

In a statement, Macquarie Capital president and chief executive officer Tim Bishop said Redmond would be “instrumental” to building the firm’s “advisory, capital markets and third-party fundraising businesses” in North America – one that would “mirror [the firm’s] Asia-Pacific presence”.

Macquarie Group recently initiated a second round of global staff reductions, with sources telling PERE that Macquarie Capital Advisors was the worst hit. The reductions in Macquarie Capital were widespread across different teams and different seniority levels, the sources added.

Macquarie Capital, formerly the investment banking division of Macquarie, manages 36 listed and unlisted specialist funds and pursues investment banking activities worldwide.

The firm though has made a number of high level appointments as it tries to build its North American operations. It has also hired Stanley Hartt, formerly the head of Citigroup Global Markets Canada, as chairman of Macquarie Capital Markets Canada.