JPMorgan Chase taps Porretti to lead activism defense in North America (updated)

Greenhill & Co

03/03/2021 13:20

(Adds no comment from JPMorgan)
    By Svea Herbst-Bayliss
    BOSTON, March 3 (Reuters) - JPMorgan Chase  JPM.N  has hired
veteran banker Alfredo Porretti to head its shareholder activism
defense efforts in North America as investors are launching new
campaigns to push corporations into making significant changes,
three sources said.
    He will head Shareholder Engagement and M&A Capital Markets
for North America and will be based in New York, the sources
said.
    Porretti was previously head of Shareholder Advisory at
independent investment bank Greenhill & Co, and before that
worked at Morgan Stanley on the bank's shareholder activism and
corporate defense team. 
    He is a lawyer and began his career at Cleary Gottlieb.
    JPMorgan declined to comment.
    The move comes after two executives working on activism
defense left the bank. Benjamin Wilson, who had been responsible
for North America, left in February to join another firm, and
Kirshlen Moodley, who had been head of the practice in Europe,
Middle East and Africa, left in late 2020.
    JPMorgan had restructured its shareholder advisory business
several months ago with David Freedman, a veteran dealmaker, who
was tapped to lead the global shareholder engagement and M&A
capital markets group.
    Activism defense has become a major franchise for investment
banks, as hedge funds such as Elliott Management, Starboard
Value and Third Point push for changes at companies.
    While the COVID-19 pandemic tamped down activist campaigns
last year, the pace is picking up now with a number of
investment firms pressing for strategic reviews to consider M&A
and demanding board refreshments. Several firms have nominated
directors to boards at companies ranging from Exxon Mobil
 XOM.N  to OneSpan  OSPN.O .
    There has also been movement among bankers in the last
months. In January, UBS hired Aneliya Crawford from law firm
Schulte Roth & Zabel LLP to co-head its activism defense group.
    

 (Reporting by Svea Herbst-Bayliss; Editing by Bernadette Baum
and Nick Zieminski)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))