John Chalsty might at first seem a strange choice to be creditex's new adviser to its board. The veteran banker spent most of his career at DLJ, starting in investment research before becoming head of investment banking and then CEO.
In the four years leading up to the firm's acquisition last autumn by Credit Suisse First Boston, where he is now a senior advisor, Chalsty was DLJ's chairman.
But creditex wants his extensive knowledge of financial markets rather than credit derivatives. "I'm to be a general advisor," says Chalsty. "And to help them navigate around the industry."
The New York City Investment Fund provided the introduction between Chalsty and creditex co-CEOs John McEvoy and Sunil Hirani.
The fund, set up to invest in new companies in the region, is chaired by Henry Kravis of buyout firm KKR and took a stake in creditex when it set up in 1999. Chalsty is also involved in the fund.
But the introduction didn't happen for more than a year. "I actually met [McEvoy and Hirani] at a display of fund investments held at Chase's headquarters a couple of months back," Chalsty says.