- Mark Schroeder will become head of Snowbridge Advisors
- John Crocker to become Snowbridge senior advisor
- Schroeder sued Crocker in November seeking an injunction
Snowbridge Advisors’ two co-managing partners have resolved a dispute and are going their separate ways.
Mark Schroeder will become head of Snowbridge Advisors while John Crocker will become a senior advisor to the firm, a March 8 statement said.
New York-based Snowbridge, a placement agent, will continue to advise alternative investment fund managers seeking to raise capital, the statement said. “John’s partnership and support at Snowbridge’s inception was critical to creating our business,” Schroeder said in the statement. “We look forward to John’s continued relationship with Snowbridge.”
In January, Buyouts Insider reported Crocker had left Snowbridge, which he launched in 2013 with Schroeder. In November, Schroeder sued Crocker for allegedly withholding “hundreds of thousands of dollars” in compensation due to the firm’s five registered reps, a filing with the Supreme Court of the State of New York said.
The Nov. 11 lawsuit alleged Crocker sought to undermine Schroeder, attempting to sow dissension in the firm in a bid to take select members of the placement agent with him to another company. Schroeder also claimed he was the sole owner of Snowbridge and that he founded the placement agent in 2007.
Update: Schroder’s application for a preliminary injunction was denied by the court after Crocker’s team filed a memorandum of law opposing it, said Bertrand Sellier, a partner with Rottenberg Lipman Rich PC, who represented Crocker.
Schroeder and Crocker worked together at DLJ and at Deutsche Bank, the lawsuit said. Crocker is the former co-head of Private Markets at Deutsche Bank Asset Management and former member of the Deutsche Bank Private Equity Investment Committee.
Schroeder and Crocker could not be reached for comment.
Action Item: To contact Snowbridge call 212-904-9192.
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Update: This story was updated to include mention of the memorandum of law that John Crocker’s team filed opposing Mark Schroder’s application for a preliminary injunction.