Greenhill said the revenue was recognized in accordance with generally accepted accounting rules.

This is not some sort of pulling a little revenue out of one quarter and putting it in another, Chief Executive Scott Bok said on a conference call. Theres pluses and minuses in every given quarter [and] the pluses were a little higher this time around.

Mergers-and-acquisitions advisers used to collect their hefty fees when mergers were completed, but the accounting rules were changed in 2018. Greenhill now pockets fees when services are transferred, according its annual report.

That change made a big difference to Greenhill, which hasseen revenues and stock price slump as competing boutique M&A advisers and large banks seized market share. Last year, to save money, the firmrelocated from 300 Park Ave. to a smaller office at 1271 Sixth Ave., the former Time Life Building.

The big boost to Greenhills fourth-quarter results came from an estimated $48.5 million fee for advising on DuPonts $26 billion acquisition of International Flavor and Fragrances, KBWs Brown said. That merger closed this week.

Brown observed that Greenhills future deal revenues are looking thin. Based on other deals it had a role in last year, the firm has $16.4 million in fees to collect, Brownsaid.

Bok said hes bullish on business getting better.

Were hopefulto build on 2020s results, he said, rather than see 2020 as something thats been diminished by the way 2020 ended for us.

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Investment bank Greenhill pulls forward revenue to give results a boost - Crain's New York Business