April 19 (Reuters) – Greenhill & Co Inc’s shares
rose almost 7 percent, a day after the boutique financial
advisory firm posted strong first-quarter results on higher
advisory revenue.
Independent investment firms like Greenhill are increasingly
drawing clients away from big banks like JP Morgan Chase & Co
and Citigroup Inc, both of which have seen
advisory revenue decline during the quarter.
New York-based Greenhill earned $16.1 million, or 53 cents
per share in the quarter, compared with a loss of $1.6 million,
or 5 cents per share, a year ago.
Financial advisory fees at the firm – founded by Robert
Greenhill, former president of Morgan Stanley – rose more
than 50 percent to $73.5 million.
Greenhill shares were up 5 percent at $40.35 on Thursday
morning on the New York Stock Exchange.
(Reporting by Sharanya Hrishikesh in Bangalore; Editing by
Supriya Kurane)
