PE Pro Turns to Banking

Many a finance professional works his way up the investment banking ladder in hopes of one day transitioning into a career in private equity. Larry DeAngelo has done exactly the opposite of that, leaving his post as a Partner at Roark Capital to head up the financial services M&A group at Suntrust Robinson Humphrey.

DeAngelo’s exit from the Atlanta-based buyout firm was reported here in mid-January. He left the firm based on Roark Capital’s decision to move away from financial services investing, which he specializes in. DeAngelo had joined the Atlanta-based firm in 2005 to lead its financial services investments.

DeAngelo took on the role of Managing Director within Suntrust. He’ll spearhead the firm’s financial services investment banking, a strategy that was previously executed through Suntrust’s industry group. DeAngelo said the opportunity for M&A advisory in the financial services industry is growing and Suntrust is interested in expanding its financial offerings in that area to clients. Currently the bank takes care of public equity, bonds, and credit for its financial services clients. DeAngelo said he’s particularly interested in the transaction processing and specialty finance segments of the financial services sector for M&A in 2001.

While his role is different as an investment banker, DeAngelo said Suntrust has a number of buy side clients and his work with them builds on his experience at Roark.

For its part, Roark Capital made the decision to move away from financial services gradually. The firm’s latest fund, a $1 billion pool which closed in 2008, had initially intended to invest in the sector. However, the firm did not find adequate opportunities in financial services, and officially dropped its focus on that area. DeAngelo’s tenure at the firm ended January 31.


Roark Capital Cools to Financial Services, Cuts DeAngelo