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UBS hires Park Hill MD to lead European secondaries – exclusive

The appointment is the second senior hire within the investment bank's private funds group this year after David Andrias joined from Houlihan Lokey in March.

UBS has hired a managing director from PJT Park Hill to lead its efforts in the EMEA region, Secondaries Investor has learned.

Sandro Galfetti will join the investment bank’s private funds group in London after a period of gardening leave, according to two sources familiar with the matter. It is understood he will join as a managing director.

Galfetti joined PJT Park Hill in 2014 and was previously a director with Capital Dynamics in London, New York and Zug, according to PJT Park Hill’s website. He also has experience at Swiss Re Financial Services in Zurich, where he worked on structured credit.

The hire is UBS’s second senior appointment so far this year. In March, the global investment bank hired the co-head of Houlihan Lokey‘s GP and fund advisory group, David Andrias, to focus on GP-led secondaries.

It is understood that Galfetti will report to Philip Tsai, managing director and global head of secondary market advisory and will work with Mustafa Osmani, a director within the unit based in London.

UBS’s private funds group sits within the bank’s alternative capital group which focuses on financial sponsors and sovereign wealth fund coverage.

Last year, Secondaries Investor reported that UBS was providing asset-backed fund financing through a partnership between its secondaries advisory unit and its global equity derivatives group. The joint venture had executed between $2.5 billion and $3 billion in total loan value across around 20 private equity fund financing transactions in the 24 months to June.

Park Hill advised on $14.5 billion-worth of secondaries deals last year – a 20 percent jump on its previous year’s transaction volume, according to the Secondaries Investor Annual Advisory Survey 2020. UBS did not participate in the survey.

UBS and PJT Park Hill both declined to comment.