Change is afoot at Mercury Capital Advisors

The Bank of America Merrill Lynch placement spinout has undergone a restructuring, bringing in new talent to replace outgoing personnel having earlier made changes to its economic structure.

Global placement agent Mercury Capital Advisors has reordered its team as part of a restructuring. The firm has also returned capital to its investors, thereby changing the economics of the firm.

The firm’s spinout from Bank of America Merrill Lynch almost three years ago was backed by a small group of investors including former Goldman Sachs vice chairman Roy Zuckerberg.

Zuckerberg, along with those other investors, has scaled back his economic interest in Mercury having benefited from capital returns by the firm, according to sources with knowledge of the situation.

The firm’s employees and senior management will now receive 91 percent of revenue generated, according to a source, a significant increase on the original amount.

The investor group’s ownership share of the firm itself has also been reduced as capital has been returned to it – “Such that the team now owns the lion’s share of the firm” – according to the source.

There have been a number of departures , including some senior personnel, but new hires have left the firm with the same headcount. A source indicated the vast majority of the changes were planned.

The three most recent arrivals were Michael Keaveney, Taryn Iwan, and Michael Manfredonia.

Ex-Atlantic-Pacific vice president Keaveney joined Mercury at the same rank, while Iwan and Manfredonia both joined as partners.

Manfredonia replaced Dave Goodman, with whom the firm parted company, as chief financial officer. Manfredonia, formerly at Goldman Sachs, also becomes chief operating officer.

Separately, Erick Bronner joined The Riverside Company, where he will lead its investor relations unit. Mercury and Bronner parted ways in January, according to a market source.  The split was described as amicable.  

Recent arrival Iwan, who was a managing director at Bank of America Merrill Lynch in its financial sponsors group, worked closely with the current Mercury team when they were at Merrill Lynch.  Her focus is principally on US private equity firms.

Other hires last year included: Rennyson Merritt, who joined the firm’s Boston office as a partner; Kristen Belfi, who joined as a principal in New York; Robert Carroll as an associate in the London office; and Andrew Osofsky and Shaina Li as analysts in New York.