Tradition Private Markets, the Swiss interdealer broker, has lost its head of private markets, three years after he joined the firm to lead the launch of its secondaries business.
Dan Nolan’s last day at the unit is Wednesday this week, according to a farewell email seen by Secondaries Investor. Real assets head Michael McKell and private equity head Maulik Patel will run the unit as joint leaders, the email noted.
“Members of this team have worked together for over 10 years across three institutions and I wish them every success in the future,” Nolan wrote in the email.
He is set to join the buyside, according to a source familiar with the matter.
Nolan, Patel, William Arnold and John Corley, who had all worked together at Duff & Phelps and Tullett Prebon, joined Tradition in 2020. The team was to structure and co-ordinate “bespoke secondary processes” drawing on experience executing “GP-led restructurings, portfolio re-balancing via non-core sales, tail-end portfolio transactions and single line item sales”, Secondaries Investor reported at the time.
Tradition advised on 39 secondaries transactions worth $830 million last year, according to the Secondaries Investor Advisory Survey 2023. LP transactions made up $760 million of NAV and GP-leds made up $53 million of NAV with exposure spanning infrastructure, real estate and private equity.
A spokesperson for Tradition did not return a request for comment by press time. Nolan could not be reached for comment.