The new structure is intended to coordinate between service lines, as well, so that a client with need of both capital markets and valuation expertise can be properly served. “One way of describing this is ‘matrix management,’ where a company that is global recognizes that it has to manage across a variety of planes,” says Rufrano. “One plane is geography and another is business line by geography. So it’s coordinating within itself, coordinating by geography and coordinating globally.”

An article in the New York Times earlier this week suggested that Exor was considering an initial public offering for C&W, an impression amplified by a photo caption stating that Rufrano was preparing the company for an IPO. In fact, Rufrano says an IPO might occur sometime in the indeterminate future, if it happens at all.

“Whether you’re a public or private company, liquidity is important,” he says. “When I was CEO of a public company, New Plan Excel Realty Trust, it was important to have as much trading volume as you could, so that there was more liquidity in the stock. So we would market to institutions and retail investors so that we would have trading volume. As a CEO, you always have to think about liquidity, whether or not your shareholder asks you to.”

For a non-public company such as C&W, the options would include an IPO or “another form of liquidity that doesn’t have to be public,” Rufrano says. “Right now, there’s no intention of doing either, but ultimately I have to always think about that for the future.”