Key Takeaways
- • DC Advisory's entire European GP-led secondaries advisory team has disbanded following the departure of all three managing directors within the past 12 months, with most recent exit being Sabina Sammartino and prior exits including Michael Wieczorek (who joined UBS) and Ludovic Douge in 2025.
- • The dissolution marks a strategic retreat by a major investment banking arm from the secondaries market, despite DC Advisory's 2023 expansion in this segment, signaling shifting institutional appetite for advisory roles in GP-led transactions.
- • The secondaries market continues to expand broadly—driven by investor demand for liquidity and portfolio flexibility through continuation vehicles and other structures—yet advisory activity has become intensely competitive with consolidation pressures affecting advisory service providers.
- • The team breakdown at DC Advisory (the corporate finance arm of Daiwa Securities) reflects a wider industry pattern of retrenchment and restructuring as boutique and larger institutions compete aggressively for GP-led mandates, leading to senior hiring cycles followed by subsequent exits.
Summary
DC Advisory, the corporate finance division of Daiwa Securities, has disbanded its European GP-led secondaries advisory team following a complete turnover of senior leadership. All three managing directors departed within a 12-month period, with Sabina Sammartino representing the most recent departure. Earlier exits included London-based Michael Wieczorek and Paris-based Ludovic Douge, both of whom left in 2025, with Wieczorek subsequently joining UBS. These departures were confirmed through regulatory filings reviewed by the Wall Street Journal.
The dissolution represents a notable retreat from the secondaries segment despite DC Advisory's strategic positioning. The firm had previously identified secondaries as a growth priority and expanded its European team in 2023 with several senior hires aimed at strengthening its presence in GP-led transactions. The rapid disbandment just three years after this expansion underscores the volatility and challenges of maintaining sustainable advisory operations in this space.
The secondaries market itself continues to experience robust expansion, driven by institutional investors' increasing demand for liquidity and enhanced portfolio management flexibility. This growth has been particularly pronounced in GP-led structures, including continuation vehicles where fund managers repackage existing assets into new vehicles to extend holding periods and optimize returns. However, this market expansion has not translated uniformly into opportunity for advisory providers.
The advisory landscape has become increasingly crowded and competitive. Both boutique firms and larger institutions are actively competing for GP-led mandates, creating pressure on profitability and sustainability. This competitive intensity has triggered waves of senior hiring as firms attempt to build capability, followed by subsequent restructuring and senior departures—a pattern of which DC Advisory's European team breakdown is a clear example. The broader trend suggests that institutions are reassessing their long-term commitment to secondaries advisory, consolidating offerings, and restructuring teams as market dynamics shift.
The dissolution represents a notable retreat from the secondaries segment despite DC Advisory's strategic positioning. The firm had previously identified secondaries as a growth priority and expanded its European team in 2023 with several senior hires aimed at strengthening its presence in GP-led transactions. The rapid disbandment just three years after this expansion underscores the volatility and challenges of maintaining sustainable advisory operations in this space.
The secondaries market itself continues to experience robust expansion, driven by institutional investors' increasing demand for liquidity and enhanced portfolio management flexibility. This growth has been particularly pronounced in GP-led structures, including continuation vehicles where fund managers repackage existing assets into new vehicles to extend holding periods and optimize returns. However, this market expansion has not translated uniformly into opportunity for advisory providers.
The advisory landscape has become increasingly crowded and competitive. Both boutique firms and larger institutions are actively competing for GP-led mandates, creating pressure on profitability and sustainability. This competitive intensity has triggered waves of senior hiring as firms attempt to build capability, followed by subsequent restructuring and senior departures—a pattern of which DC Advisory's European team breakdown is a clear example. The broader trend suggests that institutions are reassessing their long-term commitment to secondaries advisory, consolidating offerings, and restructuring teams as market dynamics shift.
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