KKR Launches New Asset Management Platform
KKR has reorganized its fixed-income business, with former TWC Group exec Sonneborn at its helm.
December 16, 2008
Kohlberg Kravis Roberts, the New York-based private equity firm, has launched its new asset management division and appointed William Sonneborn to serve as head of the business.
KKR, which announced the new unit’s formation on Monday evening, is moving its fixed income unit under the umbrella of the new KKR asset management group. As IDD reported in July, Sonneborn joined KKR earlier this year after spending the last 10 years as a senior executive at The TCW Group.
Sonneborn will take over for Saturnino Fanlo, who served as chief executive of the fixed income business as well as KKR Financial Holdings and KKR Strategic Capital Management. In addition, David Netjes will step down as chief operating officer of the financial holdings and strategic capital business lines and leave KKR with Fanlo.
“Bill’s success running a formidable, multi-product asset management business is well-documented and we welcome the leadership he’ll be able to provide during this period of significant change and in the years to come,” said Henry Kravis and George Roberts, co-founders of KKR, in a statement.
Sonneborn will also join the board of KKR Financial.
Before he joined KKR, Sonneborn was president and COO of The TCW Group, a Los Angeles-based investment management firm with more than $130 billion in assets. He joined TCW in 1998 as a managing director and chief financial officer, becoming its COO in 2001. Four years later, the former Goldman Sachs banker was named president of TCW.
The new KKR asset management division will serve the firm’s platform for its fixed income, mezzanine finance and other businesses, apart from its private equity unit.
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