Greenhill has reported a large decline in first quarter net profits from the same period last year because of a fall in advisory fees, though the boutique said that a backlog of deals and new assignments, including from its recently formed restructuring group, will bolster it in the coming quarters.

Greenhill reported first quarter net profits of $13.7m (€10.5m), down 28% from the $19.2m it reported in last year's first quarter.