Greenhill sees profit fall 15pc

BOUTIQUE investment bank Greenhill yesterday revealed a 15 per cent drop in first-quarter profit.

Net income of $13.6m (£8.9m), or 45 cents a share, was down from $16.1m, or 53 cents a share, a year ago. The result was largely due to a $2.1m loss in the value of its holdings in Iridium Communications, which it is gradually selling off. Advisory revenue, which makes up most of the firm’s results, rose 11 per cent, to $81.4m.