Joshua Steiner, a co-founder of defunct private equity firm Quadrangle, is reported to have joined Bloomberg as head of the media giant’s industry-specialised news and data segments.
Steiner will start his new role next week, and will be charged with leading the “industry verticals” Bloomberg Law, Bloomberg Government, Bloomberg New Energy Finance and Bloomberg BNA, according to the Wall Street Journal.
Steiner stepped back from day-to-day operations as a managing principal at Quadrangle in 2010 after the firm was caught up in the New York Common Retirement Fund ‘pay to play’ scandal.
Quadrangle co-founder Steven Rattner was sued over his role in the scandal, where the firm and other asset managers paid kickbacks to executives at NYSRF to attract investment.
The firm, which once had $6bn under management and 90 employees, agreed to pay out $12m in April 2010 over allegations of involvement in the scandal, paying $7m to the New York state, and $5m to the Securities and Exchange Commission.
Quadrangle made the payment without confirming or denying any of the allegations, but attacked Rattner’s conduct.
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