Duff & Phelps‘ London-based secondary market advisory team has departed the firm, according to three sources familiar with the matter.
The three members of the team, including managing director Dan Nolan, resigned on Friday, according to two of the sources. Some London-based operational staff remain.
Nolan is joined by directors Bill Arnold and Maulik Patel. The three joined Duff & Phelps from interdealer broker Tullett Prebon in the first half of 2018. Their next moves are not known.
Nolan was promoted to MD and EMEA head of secondaries in March, Secondaries Investor reported. New Jersey-based managing director and head of the secondary market advisory group Dexter Blake is still at the firm, Secondaries Investor understands.
Deals the firm has closed include the restructuring of 2011-vintage Indian growth healthcare fund AHF Investment Trust, managed by Asia Pacific Healthcare Advisors, Secondaries Investor reported. Capital Dynamics backed the deal.
In April, Duff & Phelps was sold to a consortium led by Stone Point Capital and Further Global, with selling general partner Permira maintaining a significant stake. The new owners are prioritising the firm’s valuations business over other business lines, Secondaries Investor understands.
Previous EMEA secondaries head Richard Olson, who left Duff & Phelps in June, joined the valuations and opinions group of Lincoln International, a mid-market investment bank, in March, Secondaries Investor reported.
Duff & Phelps declined to comment. Nolan could not be reached for comment.