David Resnick, chairman of global financing advisory at Rothschild North America Inc., is leaving the investment bank to become president at Third Avenue Management LLC, said four people familiar with the matter.
Resnick had been with Rothschild for more than 12 years and advised on high-profile bankruptcies such as American Airlines, auto supplier Delphi Corp. and advised Access Industries on the bankruptcy at chemical company LyondellBasell.
His move was announced internally at Rothschild and Third Avenue yesterday, said the people, who asked not to be named because the information is private.
Resnick, 52, will start at Third Avenue in September, said two of the people. He will report to David Barse, the chief executive at Third Avenue, the people said, and help manage the firm while expanding its alternative-investment business. Third Avenue has about $13 billion in assets under management and is majority-owned by Beverly, Massachusetts-based Affiliated Managers Group Inc. (AMG), which holds stakes in more than two dozen investment firms.
Barse wasn’t immediately reachable to comment. A spokeswoman at Third Avenue didn’t return a call seeking comment.
Separately, Rothschild is making other changes in senior management at its North America operations. James Lawrence, the CEO of Rothschild’s North American unit, is transitioning into the role of chairman for North America with fewer day-to-day duties, said two of the people. Lawrence will continue to be co- head of the global investment bank.
Rothschild managing director Steve Ledoux will be head of North American global financial advisory, which includes mergers & acquisitions and restructuring, said the people. Ledoux had been a co-head of the restructuring practice, which often represents large companies in distress or bankruptcies.
Lawrence and Ledoux’s new roles were announced internally several weeks ago, the people said.