Frankel exits Abernathy to direct FD's M&A business

NEW YORK and CHICAGO: Financial Dynamics has hired former Abernathy MacGregor MD Steve Frankel to head its US M&A practice.

NEW YORK and CHICAGO: Financial Dynamics has hired former Abernathy MacGregor MD Steve Frankel to head its US M&A practice.

Frankel, who will join the agency as an MD in New York, has worked at Abernathy for the past four years. There, he advised on multibillion-dollar deals, including Capital One's acquisition of Hibernia and North Fork Bank's acquisition of GreenPoint.

Before joining Abernathy, Frankel was an MD and head of the global transactions group at Burson-Marsteller.

"He is the leading M&A counselor in the US right now," said FD's US president and CEO, Declan Kelly. "Steve has been at the top of the industry for over a decade."

Abernathy has quickly replaced Frankel with well-known financial journalist Tom Johnson, who will leave the position as M&A editor at Reuters that he has held since 2001, to join Abernathy as an SVP next month. Johnson has also reported for CNNfn.

Abernathy COO Adam Miller called Johnson "extremely well known and respected in M&A circles."

Three staffers from Weber Shandwick are also bidding to make inroads in the M&A space. Their new Chicago-based agency, Green Target Global Group, will specialize in corporate, financial services, and professional services.

Daniel Reid, former EVP and financial services practice head, is CEO. John Corey, a former SVP, is president, and Aaron Schoenherr, former VP, is EVP of the new firm.

Josh Kosman, a consulting editor for Mergermarket, an M&A intelligence service, said that M&A activity late last year was "extremely hot," but that it has "faded off a little."

WS has moved SVP Brian Specht from Washington to Chicago to lead its corporate and financial services group.

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