Cross-border investing

After watching the $1 billion private equity fund-of-funds business she had built get folded into Chase Capital Partners at the newly merged J.P. Morgan Chase, Michele Kinner decided that she had seen enough consolidation.

“It was the third major merger I’d been through where my business became part of something larger,” says the 47-year-old banker, who spent 22 years at Chase Manhattan and its predecessors, starting in the management training program at Manufacturers Hanover in 1979. “I was merged into a shop that had $7 billion in assets. I wasn’t running it anymore, so I decided to leave.” In April Kinner moved on to the RBC Capital Markets unit of Royal Bank of Canada, where she will run private equity investments. “RBC is somewhat more forward-looking now in trying to design more competitive capital markets products that haven’t been used in Canada before,” she says. “The bank is looking forward to making some changes.”

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