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Sunday, July 17, 2011

Greenhill profit jumps as investors fret, (NYSE: GHL)

Boutique financial advisory firm Greenhill & Co (GHL.N) posted better-than-expected second-quarter earnings on Sunday, rushing the results out after reports on departures at the firm hit the company's stock. Greenhill shares closed down more than 12 percent at $46.50 on Friday in response to the departure of Tim George, a member of the firm's management committee. The firm has also lost two other managing directors since June. A Greenhill spokesman said the departures this year have had no measurable impact on its current assignments, and that it would be wrong to assume that the departures would have a meaningful impact on earnings. Greenhill said it earned $21.5 million, or 69 cents a share, in the quarter, up from $17.6 million, or 57 cents a share, a year earlier. The results had been expected to be released later this week.

Greenhill & Co., Inc., (Greenhill) is an independent investment bank focused on providing financial advice on significant mergers, acquisitions, restructurings, financings and capital raising to corporations, partnerships, institutions and governments. Shares of GHL fell by 12.2% or $-6.46/share to $46.50. In the past year, the shares have traded as low as $53.61 and as high as $84.51. On average, 350856 shares of GHL exchange hands on a given day and today's volume is recorded at 2817063.