Guggenheim taps Houlihan secondaries head for advisory team

The appointment comes after the $280bn investment manager hired two executives with both sellside and buyside experience over the summer.

Guggenheim Securities, the latest entrant to the secondaries advisory market, has hired Houlihan Lokey‘s secondaries advisory head as it continues to build its team.

Richard Saltzman is set to join the New York and Chicago-headquartered firm after gardening leave, according to three sources familiar with the matter. Saltzman had taken on overseeing clients of Houlihan’s GP and fund advisory group last October alongside David Andrias, as Secondaries Investor reported.

Andrias has since joined UBS’s private funds group to focus on GP-led processes.

It is understood that Saltzman will join Matthew Wesley and Joseph Slevin, two former PJT Park Hill executives who are set to join Guggenheim at the end of this year to launch its secondaries unit focusing on GP-led processes.

Saltzman joined Houlihan in 2010. His experience includes raising $75 million of fresh capital from Crestline Investors for a $1 billion alternative asset manager to create a continuation fund; a recapitalisation involving Octavian Advisors and TPG Special Situations Partners; a fund extension involving Atlas Holdings, as well as transactions involving Ardian, Goldman Sachs, Lone Star and Apollo Global Management, according to his profile on Houlihan Lokey’s website.

Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners. The latter has more than $280 billion in assets under management and is active across investment management, investment banking and insurance services, according to its website.

Guggenheim, Houlihan Lokey and Saltzman did not return requests for comment.