Boutique bank MD takes fun new job at sovereign wealth fund
Most financial services professionals would consider working at a boutique investment bank as a managing director as the pinnacle of their career – but clearly not all of them.
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Tom Bashwiner joined Mubadala Capital earlier this month to be an executive director in its strategic partnerships & acquisitions team, based in New York. He joined the private capital firm, a subsidiary of Mubadala Investment Company, from boutique bank Lazard, where he was a managing director and head of its corporate development team.
Bashwiner spent just two years at Lazard before leaving and had similarly brief stints in the Bank of America and Barclays FIG teams before that.
Leaving a high-paying bank like Lazard for a less senior role at a sovereign wealth fund seems like a relatively risky career move, but it makes sense. Mubadala Capital, which accepts outsider money, has around $30bn in assets under management, and acts like a strikingly modern asset manager like Blackstone: Bloomberg noted last August that Mubadala Capital even pays some of its employees with carried interest. And while Lazard pays well, it doesn’t pay carried interest levels of well.
Mabadala Capital is growing, too. Semafor reported yesterday that the firm had raised a fresh $550m for its first co-investment fund, including from outside investors, far above its $400m target. It's preparing to launch a second co-investment fund as a consequence.
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