Sunday, 21st March 2010

 

11 August 2009 - Shanny Basar

US boutique staff make millions in share sale

Staff at Greenhill and Evercore Partners made nearly $300m (€212m) from the sale of shares in the US boutiques last week, according to regulatory filings just published. Financial News has trawled through the documents to provide a breakdown of who sold what and what it made them.

Managing directors and senior advisers at Greenhill sold a total of three million shares at a price of $73.53 each, according to a filing with the US Securities and Exchange Commission. Its three most senior executives offloaded a combined $124m worth of stock.

Goldman Sachs was the sole bookrunner on the sale and netted a profit of $7.4m as shares were sold in a public offering at $76 each.

The following Greenhill employees were among those who sold stock according to the SEC filing:

• Robert Greenhill, founder and chairman: $76m

- Includes stock sold by Greenhill Family Limited Partnership – the filing said Mr Greenhill expressly disclaims beneficial ownership of the shares by members of his family in this partnership.

• Scott Bok, co-chief executive: $24m - includes shares owned by the Bok Family Foundation

• Simon Borrows, co-chief executive: $24m - includes shares transferred to St. Catherine’s School Bramley

• Robert Niehuas, chairman, Greenhill Capital Partners: $17.8m - includes shares owned by the Niehaus Foundation

Rival Evercore raised $61.5m from selling shares in order to purchase outstanding Evercore partnership units from certain holders, including senior management. Goldman Sachs was also the bookrunner on this offering.

According to the SEC filing, the following amounts will be paid to senior staff for their partnership units:

- Roger Altman, founder and chairman : $9.6m - Eduardo Mestre, vice-chairman : $3.6m

- Pedro Aspe, co-chairman : $5.1m

In May Ralph Schlosstein, a co-founder and former president of fund manager Blackrock joined Evercore as president and chief executive. Schlosstein did not sell any Evercore partnership units in connection in this offering.

Separately, Evercore said in a statement yesterday that it has appointed Stephen CuUnjieng as a senior adviser from Australia’s Macquarie Group, where he was most recently a vice-chairman, Asean, the 10-member Association of Southeast Asian Nations.

--write to Shanny Basar at sbasar@efinancialnews.com

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