Two of Marlborough Partners' four managing partners are leaving the debt advisory firm while two other senior members, who previously announced they were leaving the partnership, will now remain, sources familiar with the matter told S&P Global Market Intelligence and LCD.

Managing Partners Gurjit Bedi and David Parker are exiting the firm.

Chairman Jonathan Guise and Chief Operating Officer William Allen announced they were retiring from the partnership in April and were understood to be leaving the firm at that time, the sources said. They will now be staying at the business, the sources added. The pair, previously managing partners, stepped away from deal-making in 2019 and took on their current roles.

Part-time Senior Adviser Aubrey Simpson-Orlebar recently left the firm for the same role at management consultancy Alvarez & Marsal Holdings LLC. Managing Director Tim Metzgen also left Marlborough Partners late 2019 to head up Alvarez & Marsal's debt advisory practice. Three junior Marlborough Partners employees left the firm to join Metzgen's team.

Marlborough, which has offices in London, Frankfurt and Madrid, has raised over €65.3 billion of capital across 291 transactions throughout Europe, according to its website. Its clients include Equistone Partners Europe Ltd., Vitruvian Partners LLP, Oaktree Capital Group LLC and Rothschild Merchant Banking.

The firm recently advised Ergon on the acquisition of Telenco, one of the sources said.

Marlborough Partners declined to comment.