Frontline – June 2006

Silicon Valley Bank appoints new DC-area leadership
To head up its Washington DC-area presence, financial services provider Silicon Valley Bank has appointed senior relationship manager Sean Stone to lead the firm’s office in Vienna, Virginia. There, his responsibilities will include client relationship development and active participation with the DC area’s VC and technology communities. ?Silicon Valley Bank has been an active part of the venture capital and technology market in the DC area for more than ten years and Sean is bringing renewed enthusiasm and commitment to the market,? said Joan Parsons, manager of Silicon Valley Bank’s Eastern Division, in a press release. ?With long-standing business relationships in the Southeast [US] and financial services expertise in several areas, Sean is an outstanding partner for our clients in that region.? Prior to the move, Stone was involved in building the firm’s asset management business, which grew from $200 million to $4 billion within two years. Santa Clara, California-headquartered Silicon Valley Bank, which provides commercial banking services to technology, life science and private equity firms, was formed in 1983 and is a member of SVB Financial Group.

SVB Alliant appoints new head of European M&A
London-based SVB Alliant Europe taken on Christopher Kirby as a managing director, to focus on managing the firm’s M&A and private capital advisory services. Kirby’s background includes over 20 years of investment banking and research on the technology industry. Most recently, Kirby served as the chairman for the Geneva-based European Tech Tour Association, a not-for-profit organization. Previously, he managed the European technology banking group at investment bank Lehman Brothers, prior to which Kirby managed DLJ’s European technology banking practice. ?The international component of our business is essential in today’s global marketplace and Chris has the experience and drive to expand SVB’s capabilities and positive reputation in Europe,? said SVB Alliant chief executive David Ketsdever in a company statement. SVB Alliant Europe is the sister company to SVB Europe Advisors, and it is also an affiliate of SVB Alliant and SVB Silicon Valley Bank in the US.

HSBC poaches leveraged finance pros from Morgan Stanley
The investment bank ing of HSBC has recruited two former Morgan Stanley bankers in a move to build up the firm’s leveraged finance business. Joining as head of global head of leveraged finance is Kevin Adeson, while Oliver Duff will serve as global head of leveraged finance syndicate. While at Morgan Stanley, Adeson was the co-head of leveraged and acquisition finance for Europe, and Duff headed up the financial institution’s European loan syndicate. Upon taking up their new positions at HSBC in September, Adeson will report to HSBC investment banking co-head Stuard Gulliver, and Duff, in turn, will report to Adeson. An April statement by HSBC announcing the new hires quoted investment banking co-head John Studzinski as stating, ?Two years ago HSBC was not doing business with financial sponsors. With the expertise of Kevin and Oliver, we can build on our progress.? Studzinkski has since left to join The Blackstone Group.

CEE-based exec search firm expands
Pedersen & Partners, an executive search firm in Central and Eastern Europe, has expanded its presence by opening up new offices in Athens, Greece and Belgrade, Serbia & Montenegro last month. Heading up the new Athens office is Iraklis Papadopoulos, who recently joined the firm and was previously at the American College of Thessaloniki as director of recruitment. Meanwhile, Sarita Marinovic will be responsible for managing the Belgrade office. Also a recent hire for Pedersen, Marinovic was previously the human resources director for Doncafe Group in Serbia and Bosnia and Herzegovina. Serving as country manager for Pedersen’s presence in Greece is Ulrik Rasmussen, who joined the firm in 2003 and is a regional senior consultant focusing on South Eastern Europe, and the country manager for Pedersen’s Serbia & Montenegro activities is Todd Savidge, the firm’s regional senior consultant focusing on the former Yugoslavia. With the recent expansion, Pedersen now operates 18 offices across the region, with practice groups including private equity and VC, technology, financial services and professional advisory services.

Environmental advisor gains former KPMG talent
James Stacey, formerly the head of the UK sustainability practice at KPMG, has moved on to the London office of Environmental Resources Management (ERM). Stacey, had been with KPMG for the past seven years, is now a partner at ERM and serves on the environmental management consulting firm’s corporate risk team. There, he will focus primarily on corporate responsibility, assurance and M&A advice. ERM’s UK business was set up in 1971 and includes five offices in the UK with over 300 employees. The ERM Group has a global staff of 2,500 across 100 offices in the Asia/Pacific, Europe, Latin America, North America, Russia, and South Africa.

CIT launches aerospace and defense group
Commercial and consumer finance company CIT Group has established an aerospace and defense finance group which will offer financial solutions – including recapitalizations, leasing and project financings, growth capital and acquisition financing – to the global aerospace, defense and homeland security industries. The new group will be led by managing director and general manager Patrick Henry Dowling and reside at CIT’s new New York global headquarters. Dowling was previously managing director and industry leader for GE Commercial and Industrial Finance’s aerospace and defense division, and since 1984 has worked at GE Commercial Finance in various capacities relating to the aviation industry. ?Under Pat’s leadership, CIT now has an experienced team in place that offers a diverse range of products and services to the aerospace and defense industry,? CIT Aerospace president Jeffrey Knittel said in a company statement. ?Since joining CIT in late 2005, Pat has expanded the reach of the CIT Aerospace and Defense Finance Group in providing financing solution which has enabled us to capitalize on our industry relationships and find emerging opportunities in the global aerospace and defense market.? CIT’s aerospace and defense group is building a transatlantic team housed at offices in North America and London.

Greenhill appoints new MD in Frankfurt office
The transatlantic investment bank Greenhill & Co has recruited investment banker Philip Meyer-Horn as a Frankfurt-based managing director. Meyer-Horn was formerly the head of BNP Paribas’ German corporate finance activities. At Greenhill, Meyer-Horn will be responsible for building the firm’s advisory business in Germany. ?Philip Meyer-Horn brings to us significant new relationships and expertise in Germany, where we are looking to commit further resources in order to build on our recent success,? said Greenhill chairman and CEO Robert Greenhill. ?We believe there is significant opportunity for an independent advisory firm in Germany.? Greenhill provides M&A and restructuring advisory services, in addition to managing merchant banking funds. In addition to the Frankfurt office, Greenhill’s presence includes offices in New York, London and Dallas.

Alliance strengthens between Harris Williams and Close Brothers
US-based middle market M&A advisory firm Harris Williams & Co and European financial advisor Close Brothers are continuing to develop a reciprocity program that allows investment banking professionals from each firm temporarily relocate to the others’ office. The latest professional to make the move is Harris Williams’ Michael Bor, a Richmond-based associate, who will be stationed at Close Brothers’ office in London through 2007. The purpose of the partnership is to facilitate the origination and execution of cross-border transactions, and Bor will be facilitating this effort. ?Having a professional on the ground in Europe to coordinate our collective efforts has been highly successful,? said Harris Williams co-founder and managing director Chris Williams according to a company statement. Meanwhile, the firm’s other co-founder and managing director Hiter Harris commented, ?Our partnership with Close Brothers has provided significant opportunity in a global market. As an example, we recently co-advised on the Knurr transaction and continue to see new ways to leverage our collective experience.? Harris Williams & Co is a member of The PNC Financial Services Group. The firm has offices in Richmond, San Francisco, Boston, Philadelphia and Minneapolis. Meanwhile, Close Brothers is an independent merchant banking group headquartered in London.

Two US investment managers partner up
Through a recently announced strategic transaction, alternative investment management firm Angelo, Gordon & Co will acquire investment management boutique ForstmannLeff. The purchase was made alongside ForstmannLeff management, and the firm will continue to operate independently. ForstmannLeffLLC will be headed by its new president and chief executive Dana Troxell, who previously served as the director of strategy and corporate development at Angelo Gordon. The firm manages growth equity and core equity for institutional investors, and the acquisition will not change clients’ investment teams nor ForstmannLeff’s investment process. The New York- and Boston-based ForstmannLeffwas established in 1968. Angelo Gordon, founded in 1988, manages roughly $10 billion in assets on behalf of pensions, endowments, foundations, and high net worth individuals and families; its investment strategies focus on private real estate, private equity, distressed and leveraged debt, and long/short and arbitrage trading.