Industry veteran moves from Altman to MacKenzie
Significant shifts continue to take place in the proxy solicitation market. Following on from the creation of three new firms over the summer, and the exit of another well established player, another important move has taken place with Paul Schulman joining MacKenzie Partners.
Schulman, who takes on the role of senior vice president at MacKenzie, joins the firm from Altman Group where he was responsible for overseeing all corporate proxy solicitation, M&A and shareholder identification projects.
Mark Harnett, co-CEO at Mackenzie, says ‘We are very pleased to be able to bring Paul on board. Paul had always been a strong competitor when he worked at other firms. We have seen him in action over the years both as an adversary and a partner on various deals and we believe he is a good fit with our team-focused culture at MacKenzie. It was a very easy decision to bring him into the team.’
Schulman, who is now at his third solicitation firm in 20 years following on from Georgeson and Altman, is equally enthusiastic about the move to Mackenzie. ‘I have known Mark and Dan [Burch] for a long time. I was extremely impressed with the skill and experience of the firm's professionals. It became more obvious to me why MacKenzie has developed the great reputation it has.’
As was the case during his time at Altman, Schulman will focus on the more complex transactions and contested deals but will ‘also chip in anywhere else when needed.’
Harnett explains that he sees great demand in the proxy market and, despite a relatively slow 2010 for the industry generally, anticipates significant growth next year. There will be, he believes, an increase in unsolicited M&A activity and shareholder activism will continue to advance.
Many other people agree with him, as can be evidenced from the proliferation of new firms entering the space, in addition to a number of industry veterans changing shops. How will these new entrants fair? ‘We will have to wait and see what happens with the new players coming in. It may seem from the outside that this is a big market with relatively few players but it can be a very tough market to break into. Reputation and relationships count for a lot. Some of the existing players will do ok, others will probably fold and some will take it to the next level.’
Schulman has hit the ground running and has already set himself up in MacKenzie’s New York office.
