Ex-Citigroup Execs Establish New Private Equity Firm

In addition to making control investments from its own capital and investor funds, Brysam will co-invest with financial institutions and private equity firms. Brysam expects other senior operating executives in financial services to join the firm.

Mr. Willumstad said, “Brysam Global Partners was created to fill a need in the investment arena for experienced operating management in financial services. There is currently an abundance of capital available for investment in financial services businesses but a shortage of operating experience to help grow these companies and make them more efficient.”

Ms. Magner said, “We can add value by creating business models that work because we know how to manage consumer properties in emerging markets. We bring to the table all the attributes necessary to develop and increase the profitability and value of any business, but particularly those in financial services.”

Mr. Willumstad added, “It will be the better run companies that provide significant returns for their investors. At the end of the day, that is what Brysam will do -- help companies grow, operate more effectively, and generate greater returns.”

Mr. Willumstad, 61, began his career at Chemical Bank for 20 years. He then joined the company now known as CitiFinancial, one of the predecessor companies of today’s Citigroup. He became President of Citigroup in 2002 and assumed the additional position of Chief Operating Officer in 2003. In July 2005, he announced his decision to leave Citigroup to pursue outside interests. He joined the Board of Directors of American International Group, Inc. in early 2006 and was subsequently elected non-executive Chairman. He also serves as a Director of S.C. Johnson & Son, Inc., Commercial International Bank of Egypt, Habitat for Humanity International, and Adelphi University.

Ms. Magner, 57, joined Chemical Bank in 1974. In 1987, she joined CitiFinancial and was instrumental in many of the acquisitions that comprise today’s Citigroup; she announced her departure in August 2005. Ms. Magner has received numerous honors for her philanthropic work, particularly in women’s issues, education and diversity. She serves as a Director of Accenture, Charles Schwab, and Gannett Media as well as Brooklyn College, Do Something, and Millennium Promise.