Ahead of an expected wave of corporate asset sales and capital raises, Sandler O'Neill & Partners LP has hired a team of investment bankers adept at advising troubled companies.
The New York investment bank on Thursday named Tim O'Connor managing director and head of its newly formed Recapitalization and Advisory Services group, which will specialize in advising mid-size businesses.
O'Connor leaves Gleacher & Co., where he was executive managing director and co-head of investment banking. Eight other Gleacher bankers are joining him at Sandler.
O'Connor, 46, said in an interview that his team's expertise in helping companies restructure fits together well with Sandler's know-how in financial services.
Healthy firms in financial services and other industries are awash in cash and will be looking for growth opportunities once the economy settles, he said, while weaker ones will be looking to restructure or find merger partners. "The way we looked at it is that our services are complementary," O'Connor said.
