Greenhill & Co. Exiting Merchant Banking

Greenhill & Company has decided to exit the merchant banking business and sell the rights to future funds to the merchant banking unit's management. The firm has decided to focus entirely on its corporate and institutional advisory business. Greenhill's portfolio, which has a fair market value of $178.5 million, will be retained by Greenhill. The firm's fund placement group will remain with Greenhill but will continue to act as placement agent for any future funds.