CDR loses money and leader to Sard

NEW YORK: Citigate Dewe Rogerson (CDR) has lost a managing director and approximately dollars 1.2 million in fees to sister firm Citigate Sard Verbinnen (Sard).

NEW YORK: Citigate Dewe Rogerson (CDR) has lost a managing director and approximately dollars 1.2 million in fees to sister firm Citigate Sard Verbinnen (Sard).

NEW YORK: Citigate Dewe Rogerson (CDR) has lost a managing director and approximately dollars 1.2 million in fees to sister firm Citigate Sard Verbinnen (Sard).

Owen Blicksilver, who headed mergers and acquisitions (M&A), and crisis at CDR, has joined Sard as a principal. Blicksilver brought with him a team of three, as well as private equity accounts Texas Pacific, Colony Capital, Blum Capital Partners and Pacific Capital.

His departure follows that of CDR managing director Richard Simonelli, who left recently to join Manning, Selvage & Lee.

CDR senior managing director Jim Sansevero said of Blicksilver's departure: 'We had discussed the move and decided his group would sit better there than (here).'

Sansevero added that there were no plans to replace either managing director, but confirmed CDR would continue to offer IR and corporate communications.

Both firms are part of the British-owned Incepta Group which acquired Sard Verbinnen last year for dollars 58 million, plus dollars 92 million in back-end fees.

If Sard's revenues reach a certain level in coming years, the partners receive a greater slice of the earnings. Therefore Incepta had wanted to charge Sard for taking over CDR's M&A business, though Incepta seems to have relented, allowing Blicksilver's move.





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