lvarez & Marsal (A&M) has appointed Hal Hirsch as managing director and head of its newly formed Global Asset Risk Services practice. Leveraging A&M’s global platform and depth of expertise, the practice has been established to assist sovereigns, foundations and corporations in tracing, tracking, quantifying and recovering investments and donations in situations including sovereign investments, international military assistance, humanitarian and disaster relief, and fraud.
Formerly chair of the global recovery practice at Greenberg Traurig, Hirsch brings 30 years of experience in complex international and domestic asset investigation, recovery and strategic counselling. Over the course of his career, his efforts have produced more than one billion dollars in cash recoveries on behalf of clients.
“From the precedent-setting Lehman Brothers bankruptcy, where we are working to maximise the value of highly complex assets around the world, to the New Orleans public schools in the aftermath of Hurricane Katrina, where mismanagement had jeopardised the very future of the system, A&M has a long and successful track record of identifying and protecting assets and maximising recoveries for a wide range of entities,” says Bryan Marsal, co-CEO of Alvarez & Marsal. “This background, combined with our well-established global forensics and dispute services business, provides an ideal platform for a specialized practice focused on helping clients to locate, track and recover funds in a variety of challenging situations.
“Hal’s experience and leadership will be invaluable as we continue to position our services at the forefront of global asset advisors and managers capable of comprehending and remediating the world’s most complex and sensitive transactions."
“All global investors and donors seek to avoid and mitigate significant financial loss by instilling sound financial, transparent and practical policies. Yet, in many cases, accountability, prioritisation, reporting and results are beyond investor and donor means,” says Hirsch. “In other cases, investors and donors are seeking to recover their assets or improve their returns-on-investment. By bringing to bear our experience in forensic data analysis, fraud expertise, financial processes, and, in certain instances, as a third party fiduciary services, our services will greatly enhance the accountability, transparency, recovery and integrity of our clients’ investments.”
Throughout his career, Hirsch has been involved in all aspects of asset investigation and recovery including pursuits related to: anti-money laundering, bank secrecy, Mareva injunctions, Hague Convention and Ponzi fraud. He has conducted internal investigations of public and private entities globally to trace and recover financial and intellectual property lost through mismanagement, fraud and embezzlement. His efforts have assisted foreign countries and the US including testimony before United States Congress to report on the investigation of fraud. In addition, his work led the United States to enter into the only agreement ever executed by the US with a non-sovereign, the client-entity, whereby the US consented to remit all proceeds of international fraud, along with disclosing multiple sovereign intelligence reports (Mutual Legal Assistance Treaty), with sovereign consent. His work also led to the first worldwide Mareva injunction (freezing order) to protect suspect assets from dissipation.
Hirsch served as a federal trustee in bankruptcy for more than a decade, was appointed by the United States Department of Justice and elected as Operating Chapter 11 trustee and trustee in scores of special circumstance and high-profile cases. A graduate of New York University, he earned a law degree from Brooklyn Law School.