Byron Trott, the banker at Goldman Sachs (GS) who advices Warren Buffett on dealmaking, is leaving the firm, reports Bloomberg.
Trott, a 50-year-old vice chairman of investment banking, is leaving to start a merchant banking fund that will invest in and advise companies that are controlled by families or entrepreneurs, said one of the people, speaking on condition of anonymity because the plans haven’t been publicly disclosed. The fund aims to raise $2 billion, the person said.
Another victom of TARP restrictions? Who knows. But if you’re a banker with the ear of Warren Buffet and the star power that carries, why would you bother staying with a struggling, encumbered franchise.
Update: Buffett was fully aware of Trott’s departure and will invest his new venture, according to Deal Journal.