Fort Street banker Jim McKnight jumps ship to rival Houlihan Lokey

Fort Street Advisers restructuring banker Jim McKnight has joined rival firm Houlihan Lokey in Sydney.

It follows the departure of David Tozer from the Sydney office of Houlihan Lokey recently.

Mr Tozer worked on various deals such as Emeco, Imdex, Onsite Rentals and Bis Industries.

He was hired along with Nick Rowe and Oscar Ludwigson to start the business in 2015 after all three previously worked together at ABN Amro, RBS and CIMB.

Mr McKnight is a former UBS investment banker and has been at Fort Street as it advised Lachlan Murdoch on a potential purchase of The Ten Network this year.

Fort Street has also been working on a restructure of the Wiggins Island Coal Export Terminal.

Mr McKnight’s decision to jump ship to Fort Street’s rival is believed to be linked to its global reach.

Houlihan Lokey is considered a heavyweight in the restructuring industry, particularly in the United States where it is based.

Listed in New York, Houlihan Lokey reported a 26 per cent lift in its revenue for the year ended March 31 to a record $US872 million ($1.1 billion), while net income increased 55 per cent to $US108m.

Houlihan Lokey said in its financial statement the lift in earnings came after a stable mergers and acquisitions environment, financing environment and evolving pockets of distressed situations.