Greenhill’s Murphy loosens grip on the reins – exclusive

The secondaries veteran's move to the role of senior advisor comes after several other changes in the advisory business.

Greenhill Cogent’s Bill Murphy, a senior member of the firm’s capital advisory group and managing director, is stepping back from his role, Secondaries Investor has learned.

Murphy: joined in 2003

Murphy, a 14-year veteran of the firm who is mainly responsible for coverage and execution of secondaries deals, is transitioning to a senior advisor role, according to two sources familiar with the matter.

It is understood that he will maintain his existing client relationships and be less involved in the day-to-day management of the New York office.

Murphy joined what was then Cogent Partners in 2003 and has been responsible for all aspects of client coverage and execution in the secondaries market, according to Greenhill’s website.

Prior to that he was a member of Citigroup’s private equity team where he led secondaries sell-side, securitisation and product development activities.

Greenhill Cogent advised on 23 sales of limited partnership stakes during the third quarter of this year and was an “outstanding” performer among the investment bank’s overall business, according to its latest earnings announcement.

Murphy’s move comes amid upheaval in the secondaries advisory market. In early October, Secondaries Investor reported that Evercore‘s European head of secondaries Nicolas Lanel was retiring from the partnership and that the investment bank’s New York-based co-head of real estate advisory Nishant Bakaya had stepped down in order to join a Chicago-based real estate private equity firm.

In September, head of secondaries advisory at Park Hill Larry Thuet moved across to the role of vice-chairman. He was replaced in the top job by Jon Costello, who joined the firm last year from Morgan Stanley Alternative Investment Partners.

Greenhill did not reply to a request for comment.