UBS continues secondary advisory re-build

UBS has named Rodney Reid as head of European secondaries, replacing Nicolas Lanel who left earlier this year to join the growing secondaries advisory team at Evercore. Reid was previously an executive director with UBS on the U.S. secondaries team.

UBS has been growing its secondaries advisory team since losing several executives following the departure of Nigel Dawn, who led the group. Dawn has launched Evercore’s secondaries advisory group and is joined by Lanel, along with former UBS secondary professionals Sameer Shamsi, Francesca Paveri, Dale Addeo and Jasmine Hunet, according to a source with knowledge of the situation. Dow Jones reported on Reid’s appointment earlier.

Meanwhile, UBS has hired Lauren Edgerton, formerly of Paul Capital, who joined in September as an associate director, and Dirk Jonske, formerly of Landmark Partners, who joined in October as an associate director, according to a person with knowledge of the situation. UBS’ secondaries group is led by Philip Tsai.

UBS has worked on some of the largest mandates in the secondaries market, helping New York City’s retirement system sell off about $1 billion worth of private equity, and the Government of Singapore Investment Corporation hold its first-ever sale of private equity interests.

One question in the market, however, is whether the bank can continue its impressive run of business without the head of the group, Nigel Dawn. Earlier this year, Bloomberg reported the National Pensions Reserve Fund had hired UBS to help it sell about €600 million in private equity funds.

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