New York-based Signature Bank has launched its new fund banking division to provide financing and banking services to the private equity industry.
The division, which will be based in midtown Manhattan, will offer subscription lines of credit, management company lines of credit and general partner loans targeting private equity firms and their general partners.
The company named Tom Byrne managing group director and head of the fund banking division. Byrne previously was group head of Silicon Valley Bank's global fund banking division in New York City. Additionally, the company hired Brian Schneider, Trevor Freeman, Charles Newcomb and Victor Rutenberg as managing directors.
Schneider and Freeman were previously at Silicon Valley Bank. Schneider was region manager for the bank's global fund banking division, while Freeman was a managing director responsible for structuring subscription credit facilities for private equity and venture capital funds. Newcomb previously was managing director of equity fund services group at Comerica Bank in New York City. Rutenberg previously was director of the Citibank sponsor finance team in Manhattan.
The company also appointed Kevin Chiu relationship manager in the fund banking division. Chiu previously was private client manager at U.S. Trust in Midtown Manhattan.