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Carlyle’s Top Credit And Hedge Fund Exec To Step Down After Producing Huge Losses

Carlyle’s Top Credit And Hedge Fund Exec To Step Down After Producing Huge Losses

After several funds under his authority experienced losses despite increasing assets, Carlyle Group’s top credit and hedge-fund exec, Mitch Petrick, will step down.

Petrick spent two decades trading at Morgan Stanley before joining Carlyle, and after a lackluster performance he plans to start fresh and open his own investment firm, Bloomberg reports. He will be replaced by Kewsong Lee, the firm’s deputy chief investment officer for private equity.

Petrick’s exodus follows an 18-month stretch where two of Carlyle’s largest hedge-fund firms lost 4.6%, triggering investors to pull out billions of dollars. [Bloomberg]