Cerberus Capital Management LP said April that Matt Zames has joined the firm as president, while Frank Bruno was promoted to co-CEO. Lee Millstein was also appointed president of the firm’s international business. Zames most recently served as COO of JPMorgan Chase. Bruno will be co-CEO alongside Steve Feinberg, Cerberus’ founder.
NEW YORK, April 19, 2017 /PRNewswire/ — Cerberus Capital Management, L.P. and its affiliates (“Cerberus”), a global leader in alternative investing, announced today that Matt Zames has been appointed President of Cerberus; Frank Bruno has been promoted to Co-Chief Executive Officer of Cerberus; and Lee Millstein has been promoted to President of the Firm’s international business.
Mr. Zames joins Cerberus after most recently serving as Chief Operating Officer of JPMorgan Chase & Co. from 2012 to 2017. He brings with him more than 20 years of experience in leadership positions across financial services. In his role as President of Cerberus, Mr. Zames will have broad responsibilities across the Firm’s global businesses and will lead a number of strategic investing and operating initiatives, including overseeing all investments in the financial services industry.
Concurrent with the addition of Mr. Zames, Frank Bruno has been promoted from President of Cerberus to Co-Chief Executive Officer, where he will serve alongside Steve Feinberg, Founder, Co-Chief Executive Officer, and Chief Investment Officer. A 20-year veteran of Cerberus, Mr. Bruno will continue to work closely with Mr. Feinberg to oversee and manage Cerberus’s global investment activities across asset classes, sectors, and geographies.
An 11-year veteran of Cerberus, Lee Millstein has been promoted to President of Cerberus Global Investments where he will assume responsibility of managing the Firm’s international business, in addition to his role as Global Head of Real Estate.
“Cerberus has always focused heavily on operationally-oriented investing. Matt is a world-class operating executive and we are thrilled to welcome him to the Cerberus family,” said Steve Feinberg. “The promotions of Frank and Lee announced today recognize their years of dedication and the strong results that they have helped us deliver for our investors. Frank, Matt, and Lee each have exceptional discipline, intelligence, and judgment. I look forward to working closely with them, alongside the rest of our senior leadership team.”
Frank Bruno added: “Matt’s investment acumen and operating expertise, combined with his experience across technology, risk management, and the global regulatory environment, significantly enhance our platform and capabilities as we enter the next phase of our Firm’s growth. He will be an important member of our leadership team as we continue to identify and execute on opportunities to drive value for our investors.”
“Cerberus is an outstanding firm with a rare mix of world-class investment professionals and senior operating executives that work in tandem to deliver strong returns across strategies,” said Matt Zames. “It is a privilege to join Steve, Frank, Lee, and the rest of the long-tenured Cerberus leadership team to further develop Cerberus’s proprietary platforms and global capabilities.”
Previously, Mr. Zames was Chief Operating Officer of JPMorgan Chase & Co. and a member of its Operating Committee. From 2012 to 2013, he was Chief Investment Officer of JPMorgan Chase. Prior to that he held a number of senior leadership positions, including Global Fixed Income at J.P. Morgan’s Investment Bank, Head of Chase’s Mortgage Banking Capital Markets, and managed several leading Markets businesses. Before joining J.P. Morgan in 2004, Mr. Zames worked at Credit Suisse, where he was co-head of Global Dollar Interest Rate Trading, a member of the Fixed Income Operating Committee, and the Credit Suisse First Boston Management Council. Mr. Zames is a former member and chairman of the U.S. Treasury Department’s Treasury Borrowing Advisory Committee, and a former member of the Federal Reserve Bank of New York’s Treasury Market Practices Group. He is currently a member of The Economic Club of NY, and a member of the Council on Foreign Relations.
During his tenure at Cerberus, Mr. Bruno has been responsible for managing the Firm’s European, Asian, and Latin American businesses, as well as its global activities in the financial services industry. Over two decades, he helped Cerberus significantly expand its international presence and invest more than $32 billion in equity capital in Asia and Europe, alone.
Mr. Millstein continues in his current role as Global Head of Real Estate, while assuming the responsibility of managing the Firm’s international business as President of Cerberus Global Investments. Under Mr. Millstein’s leadership, Cerberus became one of the world’s foremost investors in European non-performing loans backed by commercial and residential real estate, purchasing portfolios with a total transaction value of nearly $40 billion.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is a global leader in alternative investing with approximately $34 billion under management across complementary credit, private equity, and real estate strategies. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.