Greenhill

Greenhill

Greenhill & Co. was founded in 1996 by Robert F. Greenhill, the former president of Morgan Stanley and a defining figure in modern investment banking. The firm was built on a single structural conviction — that clients are better served by an advisor free from the conflicts of lending, trading, and proprietary balance-sheet activity. Greenhill took the firm public in 2004, and for two decades it operated as one of the few publicly traded independent advisory firms globally, before being taken private by Mizuho Financial Group in 2023. The firm's strategy is concentrated entirely on advisory services: mergers and acquisitions, restructuring, and private capital advisory. Unlike integrated banks, Greenhill does not underwrite securities, lend, or trade. Its M&A practice spans sectors including industrials, healthcare, financial institutions, and energy, with notable mandates including advising on the Kraft-Heinz merger, the sale of BHP Billiton's shale assets, and the restructuring of Caesars Entertainment. Geographic coverage extends across the Americas, Europe, and Australia, with a dense network of offices in New York, London, Sydney, and Tokyo supporting cross-border transactions. At its peak as an independent, Greenhill maintained approximately 350 to 400 employees globally, with a high concentration of senior managing directors relative to total headcount — an architecture designed to put experienced bankers directly on mandates. In May 2023, Mizuho Financial Group completed its acquisition of Greenhill, rolling the firm into its broader investment banking platform while retaining the Greenhill brand. The firm now operates as a distinct M&A and restructuring advisory unit within the Japanese banking conglomerate, with Kevin Costantino and David Wyles leading day-to-day operations post-acquisition (per public record). The combination with Mizuho represents a structural pivot unique among the major independent advisory firms. Where rivals Evercore, Moelis, and Lazard retain full partnership or public-company independence, Greenhill now operates with access to a $1.9 trillion bank balance sheet — raising a direct test of whether its founding thesis can survive inside a creditor. The firm retains its brand, leadership continuity, and focus on advisory, even as its ultimate parent is now a major global lender.