Greenhill Resources Banker Phillips Leaves Australian Unit
Greenhill & Co., the investment bank leading declines on the Standard & Poor’s Midcap Financials Index this year, said resources banker Richard Phillips left its Australian unit.
Phillips, a managing director at Greenhill, was hired by Goldman Sachs Group Inc. (GS) to head its natural resources group in Australia, Reuters reported today, citing an unidentified person familiar with the matter. He had joined Greenhill through last year’s acquisition of Caliburn Partnership, where he worked since 2005 and founded the Melbourne office, according to Greenhill’s website, which until today listed him among its bankers.
“His separation from the firm has been known for some time and is fully reflected in management’s comments on its quarterly conference call that year-to-date departures have had no impact on the firm’s substantial pipeline of assignments,” said Jeffrey Taufield, a Greenhill spokesman, in an e-mailed statement. “Greenhill expects to announce, within the next few days, the hiring of a new, very senior banker to further expand its Australian business.”
Chief Executive Officer Scott Bok, 52, assured analysts on the July 19 call that departures aren’t hurting the New York- based firm’s ability to advise clients and may help reduce fixed compensation costs this year.
Greenhill fell 79 cents, or 1.6 percent, to $47.99 at 4:15 p.m. in New York Stock Exchange composite trading. The stock has fallen 41 percent this year, compared with a 2.4 percent advance in the 75-company S&P Midcap Financials Index, after employee pay contributed to a first-quarter loss and three other managing directors left since the start of June.
The company reported July 17 that second-quarter profit rose 22 percent to $21.5 million. The firm, which dedicated 75 percent of revenue to compensate employees in the first three months of the year, cut that ratio to 46 percent in the second quarter, the same level as a year earlier, according to a statement.
Andrea Rachman, a spokeswoman for Goldman Sachs in New York, had no immediate comment. A man who answered Phillips’ phone number at Greenhill declined to provide current contact information for Phillips.
Phillips was previously an executive director at Sydney- based Macquarie Group Ltd. (MQG), where he was responsible for a merger and acquisition group for Australian natural resources, according to Greenhill’s website. Greenhill, founded by Robert Greenhill in 1996, acquired Caliburn in April 2010.
To contact the reporter on this story: Laura Marcinek in New York at email@example.com.