Greenhill, the boutique investment bank set up by former Goldman Sachs and Morgan Stanley executives, has made its first acquisition, buying Beaufort Partners, the Canadian independent advisory boutique set up last year by former bankers at Goldman Sachs and Morgan Stanley.

Beaufort, a five-man boutique, was set up by two senior Canadian bankers, George Estey and Bradley Crompton. Crompton was formerly president of Morgan Stanley Canada. Estey spent 18 years at Goldman Sachs and was formerly chairman and chief executive of Goldman Sachs Canada.