Bloomberg News reports that employees of Diversified Global Asset Management were told Friday of the operation’s demise, according to Carlyle spokesman Chris Ullman. DGAM co-founders George Main and Warren Wright will leave after they wind down the business, which oversees less than $2bn in fee-paying client assets.
The move comes two months after Carlyle replaced Jacques Chappuis as head of investment solutions, the unit that houses DGAM along with buyout and real estate fund-of funds.
“A challenging market made the business difficult to grow,” Carlyle President and Chief Operating Officer Glenn Youngkin said in a telephone interview Saturday. “We are refocusing our investment solutions segment on areas where we see real momentum.”
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