The investment banker helping transform BlackRock.
He spent 30 years at powerhouse investment bank Goldman Sachs, where he rose to partner before “retiring” in 2004. In 2006, he became undersecretary of the US Treasury under President George W. Bush and helped prepare the government’s response to what became the biggest financial crisis since the Great Depression. He stepped in as CEO of troubled bank Wachovia during the darkest days of that crisis and later served as Deputy Mayor for economic development of New York City under Mayor Michael Bloomberg.
Since 2014, Steel has helped lead boutique investment bank Perella Weinberg, first as CEO and now as vice chairman. Last year, he helped the firm score a role as a top advisor to BlackRock, the world’s largest asset manager, in its expansion into alternative assets.
Specifically, Steel worked with longtime friend Larry Fink on two recent acquisitions tied to BlackRock’s expansion into investments traditionally reserved for the uberwealthy: Its $12.5 billion purchase of private-equity firm Global Infrastructure Partners (GIP) and its $12 billion purchase of private-credit giant HPS Investment Partners (HPS).
Source: AFRICABUSINESSINSIDER
