Relationship ends for FD and its M&A unit head Frankel

NEW YORK: Steve Frankel has left his position as head of the M&A practice at Financial Dynamics after less than six months on the job.

NEW YORK: Steve Frankel has left his position as head of the M&A practice at Financial Dynamics after less than six months on the job.

"I just realized it wasn't the right fit for me, both culturally and strategically," Frankel said. "I decided to resign...at this point in my career, it just wasn't the right place for me."

He said that he has not decided where he will go next, but that "I'm looking at some interesting corporate opportunities, and also speaking with a few well- established agencies."

FD's US CEO Declan Kelly characterized Frankel's departure as a mutual decision.

"We came to a mutual agreement that it wasn't appropriate for him to continue with the relationship, and we parted ways" about three weeks ago, Kelly said.

Frankel said FD is "a good firm," but that "it's a firm that's growing very fast, and it's trying to do a lot of different things," which detracted from its ability to become a leader in the US M&A business.

"In their defense, they hired me to build an M&A practice," he said. "[But] sometimes it's the right fit, and sometimes it isn't."

FD has been aggressively hiring talent for much of the past year. It lured Frankel away from his previous position at Abernathy MacGregor last March. At the time, Kelly called him "the leading M&A counselor in the US right now."

Instead of hiring a replacement for Frankel, FD will bring the M&A practice back under the leadership of US vice chairman Hollis Rafkin-Sax, who had led the practice before Frankel joined the firm, according to Kelly.

Prior to Abernathy MacGregor, Frankel worked as head of the Global Transactions Group at Burson-Marsteller.

FD did not announce his departure publicly.

"I guess it's inevitable that when you've got [our] ratio of new talent, there will be rare occasions when things don't work out, and this is one of them," Kelly said. "But he was a very able guy."
 

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