Global alternative asset manager The Carlyle Group has appointed Michael Cavanagh and Glenn Youngkin as co-presidents and co-chief operating officers, based in New York and Washington, DC, respectively.

Global alternative asset manager The Carlyle Group has appointed Michael Cavanagh - co-chief executive of the corporate and investment bank at JP Morgan Chase & Co - and Glenn Youngkin as co-presidents and co-chief operating officers, based in New York and Washington, DC, respectively.  

“This is a rare opportunity to join a premier global investment firm during a time of swift change for the industry. We accomplished an immense amount at JP Morgan and I am grateful to my colleagues, especially Jamie Dimon, for their friendship, support and confidence. Carlyle is an established innovator and I look forward to partnering with Glenn and the rest of the Carlyle team to help take the firm to the next level of success,” Cavanagh said in a statement.

JP Morgan announced that Daniel Pinto, formerly CIB co-CEO alongside Cavanagh, has been named as the sole CEO of the corporate and investment bank.

“I have worked with Mike Cavanagh for more than 20 years,” said Jamie Dimon, chairman and CEO of JP Morgan Chase. “He’s a highly talented executive and has been an integral part of our management team, as our chief financial officer for six years and as co-CEO of the corporate and investment bank.”

According to Bloomberg, Cavanagh “was seen internally as a potential successor to Dimon,” who has reportedly told people he wants to remain CEO for another five years, the news service said, citing “a person with direct knowledge of the matter.”

Youngkin is a 19-year Carlyle veteran and currently chief operating officer at the firm. The appointments are effective from this summer. The president role is a newly-created one and will involve Cavanagh and Youngkin helping to develop and implement Carlyle’s strategic growth initiatives and manage the firm’s global operations on a day-to-day basis.

Cavanagh will also join Carlyle’s executive group, whose members are: chairman Daniel D’Aniello; co-CEOs William Conway and David Rubenstein; COO Glenn Youngkin; chief financial officer Adena Friedman; and general counsel Jeffrey Ferguson.

The Carlyle Group is New York-listed and has approximately $189 billion of assets under management across 118 funds and 106 fund-of-funds vehicles as of December 31, 2013.

The firm invests across four segments – corporate private equity, real assets, global market strategies and solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.