Deutsche Bank Asset Management is preparing to rebuild its secondaries investment business and has hired Credit Suisse’s global head of secondaries advisory to lead the effort.
Mark McDonald, who has been with Credit Suisse’s private fund group since 2013, will join the investment bank later this month, according to three sources familiar with the matter. McDonald will be London based.
It is unclear how many staff Deutsche plans to hire for the effort and whether it will solely focus on secondaries.
The move comes almost four months after Secondaries Investor reported that Deutsche’s secondaries team had spun out to form Glendower Capital. Glendower still advises on around $3 billion in secondaries funds managed by Deutsche, including the 2014-vintage, $1.7 billion Secondary Opportunities Fund III, the most recent vehicle Deutsche raised.
Credit Suisse’s secondaries advisory team includes directors Chris Areson and Jonathan Abecassis, who assumed the responsibility of the Americas, and EMEA and Asia respectively from McDonald earlier this year, according to one of the sources. The secondaries advisory unit is part of the private fund group, which is jointly led by Michael Murphy and Kevin Naughton.
The private fund team has made a series of hires in recent months and is set to add a senior secondaries advisor at its New York office in the coming weeks, one of the sources said.
Bloomberg first reported that Deutsche had hired McDonald for the push.
McDonald joined Credit Suisse after two years at small-cap private equity investor Keyhaven Capital Partners, before which he spent six years as principal and director of EMEA at secondaries firm Pomona Capital.
Credit Suisse and Deutsche Bank declined to comment. McDonald did not return requests for comment.
– Adam Le contributed to this report.
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