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The Carlyle Group Establishes Financial Institutions Group to Make Investments in the Global Banking and Insurance Sectors; Edward “Ned” Kelly and David Zwiener Named Managing Directors to Lead Effort


Washington, DC – Global private equity firm The Carlyle Group today announced it has established a new Financial Institutions Group (FIG) that will make investments in the global financial services sectors, including banking and insurance. Edward J. “Ned” Kelly III, former Chairman, Chief Executive Officer and President of Mercantile Bankshares Corp., and David K. Zwiener, former President and Chief Operating Officer of The Hartford Financial Services Group, Inc.’s property and casualty operations, have been named Managing Directors and will lead the new Carlyle team. Messrs. Kelly and Zwiener will be based in Washington, DC and New York, respectively and will begin their duties this summer.

The Carlyle FIG will build a team to pursue investments around the world and will work closely with Carlyle professionals globally.

David M. Rubenstein, Co-Founder and Managing Director of Carlyle said, “The global growth in demand for financial products and services combined with our ability to attract accomplished professionals makes this an opportune time to start this new investment practice. We expect that Ned and David will leverage Carlyle’s global platform to quickly establish us as serious investors in the financial services space.”

Mr. Kelly said, “This is a rare opportunity to build a practice from the ground up within an established enterprise. Through Carlyle we’re able to combine smart capital with intense sector expertise, supported by a global network. I see great potential and am excited about the opportunity.”

Mr. Zwiener said, “Given the enormous global capabilities of Carlyle, and the rapidly accelerating pace of change within the insurance sector – technology, regulatory and capital – our team will have a tremendous opportunity to capitalize on this environment.”

Mr. Kelly joined Mercantile Bankshares Corp. as its President and Chief Executive in 2001 and became Chairman as well in 2003. During his leadership, the Baltimore, MD-based bank’s assets nearly doubled and its market capitalization more than doubled with the announcement of its deal with Pittsburgh–based PNC Financial Services Group in late 2006.

Prior to joining Mercantile, Mr. Kelly worked for six years at J.P. Morgan where he was the head of the Global Financial Institutions Group. Following Morgan’s merger with Chase, Mr. Kelly retained that position and became co-head of Investment Banking Client Management as well. He joined J.P Morgan in 1994 as its General Counsel and Secretary.

Before joining J.P. Morgan, Mr. Kelly was a partner with the law firm of Davis Polk & Wardwell, where he specialized in financial institutions. Early in his career, Mr. Kelly served as a law clerk to Supreme Court Justice William J. Brennan, Jr. and U.S. Court of Appeals Judge Clement F. Haynsworth, Jr.

Mr. Kelly earned his J.D. from the University of Virginia School of Law and his B.A. from Princeton University.

Mr. Zwiener comes to Carlyle with 30 years of financial services experience. At The Hartford Financial Services Group, Inc., he served most recently as President and Chief Operating Officer of the property and casualty operations, and as Executive Vice President & Chief Financial Officer from 1995 to 2001.

At ITT Financial Corporation, Mr. Zwiener was Executive Vice President & Chief Financial Officer and before that was Senior Vice President & Treasurer and then Executive Vice President -- Capital Markets at Heller International Corporation.

Mr. Zwiener earned his M.B.A. from Northwestern University and his B.A from Duke University.


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