WILLIAM MERCER SMITH PROMOTED AT FINANCO
NEW YORK — Financo Inc., an investment banking firm specializing in merger and acquisition, financial restructuring and other financial advisory services for retail and apparel companies, has named William Mercer Smith to the new position of president.
Smith is also a managing director of Financo.
He joined Financo in 1996, after his departure from Kidder Peabody, where he served as managing director and head of the retail finance group. Prior to that, Smith was a member of Kidder’s leveraged buyout and merchant banking group.
“By appointing him president we are building on Bill’s vision for building our business and enhancing our management team, which will provide for the expansion of our activities on a global basis,” said Gilbert Harrison, chairman of Financo. “Bill will continue to grow the firm with me and Marvin Traub, senior adviser to Financo. He will be responsible for our investment banking activities and expanding our consulting services.”
Financo was founded in Philadelphia in 1971, and currently bills itself as the largest mergers and acquisitions advisory firm not affiliated with a Wall Street investment bank or other financial institution.
In 1985, Financo was acquired by Lehman Brothers, when it was a subsidiary of American Express. In 1989, the firm was reacquired and reestablished in New York as an independent, boutique investment banking firm. Since then, Financo has expanded its services beyond traditional mergers and acquisitions to include consulting, restructuring and other services related to the merchandising industry. It also operates Mercantile Capital Partners LLC, a principal investment group.