EPSTEIN
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private equity company. Heather is Managing Director, Limited Partner and has served as Managing
Director, Limited Partner since 10/01/2008. Heather Crosby has an ownership stake in Matheys Lane Capital
Management L.P. of more than 75%. Crosby previously worked as a partner at Rex Capital Advisors, as a vice
president at J.P. Morgan Securities Inc. and as a trader and a banker at Goldman Sachs & Co. Crosby earned
her MBA from Harvard Business School and her bachelor's degree from Dartmouth College.
Opportunities and Challenges
We have several opportunities to pursue with the Deering/Crosby family as outlined below. There are a few
challenges. First, Heather Crosby runs an RIA that helps manage the Deering family assets. The RIA has
pushed for an overly simple, low fee asset allocation. Despite serving as an RIA, they seem relatively
unsophisticated. The Crosby assets are not managed by the RIA, and Heather handles this account more
directly despite having limited time to focus on it. Her husband is a private equity partner, and earns a lot of
money, so perhaps portfolio management isn't the first priority. Finally, the family and the RIA seem to have
relationships with every bank on the street, so there is lots of competition.
Deering —given the recent passing of Tony Deering, there will be a continued opportunity to reevaluate the
asset allocation as his assets are passed to his wife and eventually to the rest of his family. We recently
repriced a margin loan for the account
Crosby - we would like to have more influence over how this account is traded. Heather has engaged
directly in some options transactions, but has been resistant to doing anything more systematic like Harvest
or structured notes. There is much more we could be doing if she were willing to hand over some control or
focus more. She is contemplating a residency change to Florida and needs to do some estate planning, so
this will be an opportunity for us to help and deepen the relationship.
Matheys Lane (RIA) — There is real potential upside for us to get some business done with the RIA directly or
with their other clients. They have not been willing to engage in that discussion to date. We may be viewed
as a competitor more than a provider here. We need to learn more to understand this better.
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continued coverage of the GA family office group, Mark and Kirsten will still see KCP deals through that
channel. Our short term objective, then, is to transition the relationship to ISG and generate more
consistent engagement. The clients seem generally happy with JPM, so we will need to work hard to win
business away from them.
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2018 Account Planning
RM contribution
Relationship Name: Elysium Management
Banker Team: Stewart Oldfield
GCIS Number: 00000490445
Relationship Team:
ISG: Andrew King
Trust/Custody:
DPM: Paul Bartilucci
WPS: Sam Petrucci
KCP: Matt Glassman
Deposits: Charlie Burrows
Lending: Pete Ferrara/Laura Farischon
Other:
Client Profile
Elysium Management is the family office that manages the capital of Leon Black, the Co-Founder and CEO of
Apollo Global Management LLC (AGM). Leon Black is an American businessman, specializing in leveraged
buyouts and private equity.
[please pull more of Leon's bio from the intemet — include his time at Drexel and his art collecting]
The main point of contact for the family office is Brad Weschsler, Managing Partner of the family office.
Brad is Chairman of IMAX and worked with Leon at Drexel. We also work with the CEO of the family office,
Barry Cohen, who was a partner at Apollo. Direct private investments are run by Greg Ruben. Leon's son
Josh also works at the family office.
This relationship was established in April 2014 by former banker Paul Morris, and is managed by Stewart
Oldfield. It was referred by Jeffrey Epstein who helped Leon set up his family office. The relationship is KCP
adopted and currently holds approximately $255k in AUMs. Total net worth is $5mm+
Leon has relationships across the street, but most of his wealth is managed at BAML
Opportunities and Challenges
We have had many sizable opportunities with this client, but there have been many challenges to getting
substantial business done.
Most opportunities to date have been on the lending side. Leon uses substantial leverage in his personal
portfolio which consists of fairly illiquid assets — shares of APO, art and real estate.