CIT Group has hired Thomas Affolter to spearhead a push into the sponsor finance market, naming him managing director for originations, with primary responsibility for expanding its existing sponsor coverage network.
In his role in the sponsor finance team in CIT’s commercial finance division, Affolter is responsible for pursuing new growth opportunities for financing middle-market private equity sponsor owned businesses.
Jeffrey Kilrea, managing director and group head for sponsor finance, said: “Focusing on asset growth is a priority for the sponsor finance business, and I am pleased to add Tom's significant experience in working with private equity sponsors on middle market executions.
“I'm confident Tom will be a valuable contributor as we aim to increase our assets and expand our coverage nationally.”
Affolter joins CIT from Goldman Sachs' specialty lending group in Chicago. Earlier in his 20-year finance career, Affolter was a partner at Victory Park Capital Advisors, as well as serving various roles at CapitalSource, Antares Capital Corporation and Heller Financial – all of which are providers of debt capital for private-equity sponsors.
CIT has also announced changes to its risk management team, naming Wahida Plummer as its chief risk officer, responsible for all enterprise risk. In addition, the company has promoted its chief credit officer, Marisa Harney, to an expanded role leading all credit risk.
Both leaders will report to CIT chairwoman and chief executive officer Ellen Alemany and serve on the company's executive management committee.
CIT's former chief risk officer, Robert Rowe, is leaving the company.
Alemany said: “Both Wahida and Marisa are strong leaders with deep expertise in risk management for larger banking institutions. I'm pleased to have them take on these roles as CIT continues to evolve and deliver on its strategic plan.”