Corsair hires ex-Citi executive, former New York official

* Edward “Ned” Kelly, Ranji Nagaswami join

* To help source and vet opportunities

* Financial services investor launched in 1992

Kelly, who was chairman of Citi’s Institutional Clients Group, and Nagaswami, who acted as chief investment adviser to former New York Mayor Michael Bloomberg, will help Corsair identify and evaluate new investments.

Corsair, which was launched in 1992 in the aftermath of the U.S. savings and loan crisis, specializes in investing in the financial services industry globally. Its investments include commercial finance company NewStar Financial Inc, insurer Enstar Group Ltd and United Community Banks Inc.

Kelly, who left Citigroup earlier this year and has ties with Corsair going back to the firm’s founding, will focus on the U.S. financial services sector.

Nagaswami, who previously worked at hedge fund Bridgewater Associates, will focus on new investment in the U.S. asset management sector.

Reporting by Paritosh Bansal of Reuters news service