UBS’ head of European secondaries departs for Evercore

UBS’ secondaries advisory team has been rocked by turnover since the head of the group, Nigel Dawn, left last summer and launched a new group at Evercore Partners.

Several secondary market professionals from UBS left to join Dawn at Evercore, including UBS’ former head of European secondaries, Nicolas Lanel. UBS promoted Rodney Reid last year to head up Europe, the Middle East and Africa. Now there’s news that Reid has left UBS to join Evercore as well.

Reid will join as a managing director in November and work out of Evercore’s London office, and will later relocate to New York, according to a statement from Evercore. It’s not clear if Reid will focus on secondaries activities in specific geographies. Along with Dawn, Lanel and Reid, Evercore also has hired former UBS secondaries professionals Sameer Shamsi, Francesca Paveri, Jasmine Hunet and Dale Addeo.

Evercore has scored some major secondaries mandates since it launched its advisory team, including brokering the sale of about $1.3 billion of LP stakes from GE Capital, which were snapped up by Ardian earlier this year. The team is currently running the sale of a portfolio of fund stakes valued at about $400 million from Bregal Investments.

No word yet on whether UBS has directly replaced Reid. UBS’ secondary advisory team is led by Philip Tsai. The group hired Lauren Edgerton, formerly of Paul Capital, in September as an associate director, and Dirk Jonske, formerly of Landmark Partners, in October as an associate director.

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