DC Advisory’s European GP-led secondaries advisory team has been disbanded following the departure of its senior leadership over the past year, marking another retreat by an investment bank from a once fast-growing segment of private markets, according to a report by the Wall Street Journal.
The report cites regulatory filings as revealing that all three managing directors in the unit have left the business within the past 12 months, most recently Sabina Sammartino. Earlier departures included London-based Michael Wieczorek and Paris-based Ludovic Douge, both of whom exited in 2025, with Wieczorek subsequently joining UBS.
DC Advisory, the corporate finance arm of Daiwa Securities, had previously identified secondaries as a strategic growth area and expanded its team in 2023 with several senior hires aimed at strengthening its European presence in GP-led transactions.
The breakdown of the unit highlights a broader pattern of consolidation and retrenchment across the advisory landscape, as competition intensifies and some institutions reassess their commitment to the segment.
Secondaries—transactions involving the sale and purchase of existing stakes in private market funds—have expanded significantly in recent years as investors seek greater liquidity and portfolio management flexibility. Growth has been particularly strong in GP-led structures, including continuation vehicles, where managers repackage assets into new vehicles to extend holding periods.
Despite robust overall market expansion, advisory activity has become increasingly competitive, with both boutique firms and larger institutions vying for mandates. This has driven a wave of senior hiring and, in some cases, subsequent restructuring or exits.
The withdrawal of DC Advisory follows similar moves elsewhere in the market, including the closure of Investec’s GP-led advisory business less than three years after launch, underscoring the volatility of staffing and strategy in this niche but expanding segment.
Industry-wide, secondaries volumes have continued to grow, reflecting sustained demand for liquidity solutions amid slower primary market exits, even as advisory platforms adjust their footprint in response to shifting economics and talent mobility.
