Business

Former Treasury Secretary joins Wall Street

Mr. Geither goes to Wall Street.

Former Treasury Secretary Tim Geithner will join private-equity firm Warburg Pincus next year after 26 years in public service, the company said.

Geithner will become president at the New York-based buyout firm starting March 1, according to a statement Friday from Warburg Pincus.

The former New York Federal Reserve bank president will report to Chip Kaye and Joe Landy, who have led the firm since 2000 and this year began sharing the title of co-chief executive officer, in managing the firm, investing its funds and communicating with investors.

“He brings a history of strong leadership, a deep understanding of economies and markets, and a truly global perspective,” Kaye said of Geithner in the statement. “These attributes will be of tremendous value to our firm in this increasingly interconnected world.”

Geithner, 52, played a major role in combating the global financial crisis while president of the New York Fed and during the four years as Treasury secretary.

Geithner in joining Warburg Pincus is traveling a well-worn path. Five of the past nine Treasury secretaries have joined private equity firms since leaving office.

The list includes: James Baker (Carlyle Group), Nicolas Brady (who started his own firm Darby Overseas Investments), Paul O’Neill (Blackstone Group) and John Snow (Cerberus Capital Management).

Warburg Pincus, founded in 1966, oversees about $35 billion in assets and owns stakes in more than 125 companies.

This year it agreed to sell luxury retailer Neiman Marcus to an investor group for $6 billion, and it sold eye-care company Bausch & Lomb to Valeant Pharmaceuticals in an $8.7 billion deal.

The firm — which invests in venture capital, growth financings and leveraged buyouts — in May closed on a new $11.2 billion fund.