After leaving Merrill Lynch in 1998 to join The Carlyle Group, Jack Mann has found his way back. Last month, Merrill Lynch rehired Mann to serve as its global head of leveraged finance origination.
It is unclear as to why Mann left Carlyle, which is based in Washington, D.C. At Carlyle, Mann was one of three managing directors of Carlyle High Yield Partners, in charge of nine investment professionals.
Carlyle High Yield Partners manages $2 billion across three funds: Carlyle High Yield Partners L.P.; Carlyle High Yield Partners II Ltd.; and Carlyle High Yield Partners III Ltd., which closed in December 2000. Annualized cash-on-cash returns are estimated to be 8% to 10% for CHYP II and 18% for CHYP III.
Because Mann has much experience in the origination business, it is no surprise that at his new post he will oversee all aspects of loan and high yield bond origination, and will work with the relationship management and corporate finance groups within the investment banking area.
Mann originally joined Merrill Lynch in 1986 as an associate in leveraged finance, and in 1992 he became a vice president in leveraged finance and high yield capital markets. Five years later, he was named head of global high yield capital markets. However, in 1998 Mann joined The Carlyle Group to start its high yield business. Two years later he was named a partner of the firm.
Neither Merrill Lynch nor Mann commented on why he left the Carlyle Group. Nonetheless, execs at Merrill Lynch are glad he did. “Jack is one of the most experienced leveraged finance professionals on Wall Street, and we are excited he is rejoining the firm,” said Bob Lyons, head of the global issuer client group at Merrill Lynch and Mann’s new boss.