Greenhill Europe Advisory Co-Head Ferrari Leaves as Profit Fallsby and
Ferrari's departure from firm is ``amicable,'' spokesman says
Greenhill spokesman didn't disclose reasons for Ferrari's exit
Luca Ferrari, co-head of Greenhill & Co.’s European advisory business, is leaving the company as transactions on the continent lag behind the boutique firm’s home U.S. market.
Ferrari’s departure was “amicable,” Andrew Grant, a London-based spokesman for Greenhill, said in a phone interview. He declined to provide a reason for the exit, which was first reported yesterday by Sky News. Ferrari didn’t respond to e-mails and phone messages requesting comment.
The company has focused on the U.S. in 2015 and has seen “much less activity” in Europe and other regions where it has “significant aggregate resources deployed,” Chief Executive Officer Scott Bok said on Oct. 22, when Greenhill reported falling third-quarter profit. Shares in the firm, founded by ex-Morgan Stanley banker Robert Greenhill, have plunged about 40 percent this year.
The decline has prompted Bok to reshape management, including promoting Ferrari’s fellow co-head of European advisory David Wyles to co-president in July. About 30 percent of the firm’s advisory revenue came from Europe in 2014, according to the firm’s website.
The “one positive exception” in Europe this year is the U.K., where Greenhill has seen “increased general transaction activity,” Bok said last week.
Ferrari joined Greenhill in 2012 from Goldman Sachs Group Inc., where he worked as head of mergers and acquisitions for northern Europe, according to Greenhill’s website. He previously worked for S.G. Warburg and Arthur Andersen, the website shows.