The Carlyle Group LP (Nasdaq: CG) — Mike Cavanagh, who was considered the heir apparent to current JPMorgan Chase & Co. (NYSE: JPM) chief executive Jamie Dimon, has resigned as the bank’s co-head of investment banking to take on the role of co-chief operating officer of Washington, D.C.-based Carlyle. Cavanagh, who has worked with Dimon for two decades, saw the bank through some of its toughest periods when JPMorgan's CEO, and the company as a whole, were met with intense scrutiny and pressure. He was the chief financial officer, and later head of Treasury securities services through the 2008 financial crisis. He also served as the main handler of the internal investigation of JPMorgan’s big “London whale” trading loss, which stemmed from a soured bet on complex financial contracts.
Investcorp —The Bahrain-based private equity firm added Jonathan Joyce as head of operational risk for its New York-based hedge funds group. He reports to Sunil Nair, head of risk for the hedge funds group. Previously, Joyce was with FRM Investments LLC, a subsidiary of Man Group plc, where he was most recently deputy head of business risk. Investcorp owns upscale kitchenware retailer Sur La Table, which it bought in 2011, and also backs SourceMedia, which it acquired in 2004. SourceMedia is the publisher of Mergers & Acquisitions.
Lincoln International —The Chicago investment bank has taken yet another step in expanding across the globe with the opening of an office in Zurich. Øyvind Bjordal, who recently joined the firm as managing director, has been appointed head of Switzerland and will lead the office. Prior to joining Lincoln, Bjordal worked at Leonardo & Co., where he co-led the investment bank's pan-European consumer and retail team. Lincoln, which won M&A's 2014 Investment Bank of the Year Award, also recently expanded internationally across China, Europe and South America.
Milbank Tweed Hadley & McCloy LLP The New York law firm added Eric Reimer as a partner in the firm’s Los Angeles office. The move marks a return for Reimer, who left Milbank 15 years ago when he was an associate and then senior counsel. He left to join O’Melveny & Myers, where he was chair of the corporate finance practice. At Milbank, he will work in the corporate and securities practice.
Wellspring Capital Management LLC — The New York private equity firm named co-founder Greg Feldman executive chairman. Meanwhile, managing partner William Dawson Jr. has been called up to chief executive officer. Other promotions include Alexander Carles, Joshua Cascade and John Morningstar, who have each been named a managing partner of the firm. Wellspring has more than $3 billion under management.