Duff & Phelps Corporation (NYSE: DUF), a leading independent provider of financial advisory and investment banking services, today announced several senior management changes.

Gerry Creagh, president of Duff & Phelps, has decided to leave the company to pursue other interests. Commenting on Creagh’s more than 20-year career at Duff & Phelps and its predecessor companies, Noah Gottdiener, chairman and chief executive officer, said, “Gerry has played an integral role in helping to build Duff & Phelps into a premier global financial advisory and investment banking firm. We thank him for his years of service and wish him much success in his future endeavors.”

As a result of this departure, the firm will simplify its management structure, with Gottdiener assuming the additional responsibility of president. In this capacity, he will work with the firm’s executive team and business segment leaders to ensure a continued focus on growth and ongoing cost discipline.

The company also announced the appointment of new segment leaders for each of its three reporting segments as well as new leadership for its international operations.
  • Kleon Phili, previously head of international operations for Duff & Phelps, has been named the segment leader for the Financial Advisory segment. Phili, who has more than 22 years of valuation experience, was a managing director with Standard and Poor’s Corporate Value Consulting group and a partner in PricewaterhouseCooper’s Valuation group prior to joining Duff & Phelps. He has played an instrumental role in building the firm’s business internationally and expanding its service offerings outside of the United States.
  • Warren Hirschhorn, previously service leader of the company’s Portfolio Valuation business, has been named segment leader for the Corporate Finance Consulting segment. He joined the firm in 1999 and specializes in helping clients assess the fair value of hard-to-value assets and other strategic business issues. Hirschhorn has successfully built Duff & Phelps’ Portfolio Valuation practice, a key service offering for the firm. Prior to Duff & Phelps, Hirschhorn was a managing director with Standard & Poor's Corporate Value Consulting group, a partner in PricewaterhouseCooper’s Valuation group and a director with Houlihan, Lokey, Howard & Zukin.
  • Michael Cochrane, who joined Duff & Phelps’ Mergers and Acquisitions Advisory business in 2009, has been named segment leader for the Investment Banking segment. Prior to joining Duff & Phelps, Cochrane worked with some of the leading firms in the industry, including Oppenheimer & Co. Inc., Goldman Sachs, Lehman Brothers and Credit Suisse First Boston. He succeeds Steve Burt, who will remain with the firm to lead the Mergers and Acquisitions Advisory business.
  • Henk Oosterhout, previously leader for Duff & Phelps in the Netherlands and leader for Valuation Advisory Services for Europe, has been named head of international operations. In this capacity, he will continue his leadership role in helping to build the Duff & Phelps brand throughout Europe. Prior to joining Duff & Phelps, Oosterhout served as a managing director with Standard & Poor's Corporate Value Consulting group as well as a director at PricewaterhouseCoopers. He began his career in academia as a professor at Tilburg University and Northwestern University.

“With this realignment of our senior leadership team, we are ensuring that Duff & Phelps is better positioned to strengthen relationships with our existing client base, even as we work to extend our reach,” Gottdiener added. “I am confident that the professionals we have named to new leadership positions today will improve our ability to grow our businesses profitably through cycles, and I look forward to working with them to continue building the platform.”

Separately, Duff & Phelps announced that it estimates first quarter 2010 revenues excluding reimbursable expenses will be approximately $89 million. This revenue estimate does not include approximately $3.7 million of deferred revenue relating to the court-mandated holdbacks associated with the Lehman Examiner assignment, which was completed during the first quarter. The company expects all or a portion of these deferred revenues to be recognized hereafter, as and if approved by the bankruptcy court or its fee examiner.

The company will announce its financial results for the quarter ended March 31, 2010 after market hours on Thursday, April 29, 2010. A conference call and webcast to discuss these financial results with investors and analysts will be held on Thursday, April 29, 2010 at 5 p.m. EDT. The conference call will include prepared remarks by Gottdiener and Jacob Silverman, chief financial officer. Interested parties can listen to a live webcast of the event by accessing http://ir.duffandphelps.com/events.cfm a few minutes in advance of the scheduled time. A replay of the webcast will be available for two weeks using the same link.

About Duff & Phelps

As a leading global independent provider of financial advisory and investment banking services, Duff & Phelps delivers trusted advice to our clients principally in the areas of valuation, transactions, financial restructuring, dispute and taxation. Our world class capabilities and resources, combined with an agile and responsive delivery, distinguish our clients' experience in working with us. With offices worldwide, Duff & Phelps is committed to fulfilling its mission to protect, recover and maximize value for its clients. Investment banking services in North America are provided by Duff & Phelps Securities, LLC. Investment banking services in Europe are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorized and regulated by the Financial Services Authority. Investment Banking services in France are provided by Duff & Phelps SAS. For more information, visit www.duffandphelps.com. (NYSE: DUF)

Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which reflect the Company’s current views with respect to, among other things, future events and financial performance. The Company generally identifies forward looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this discussion are based upon our historical performance and on our current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us, or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and the risk factors section that are included in our Annual Report on Form 10-K for the year ended December 31, 2009 and any subsequent filings of our Quarterly Reports on Form 10-Q. The forward-looking statements included in this press release are made only as of the date the press release is issued. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.


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