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Ken Moeli’s biography
Ken Moelis, born Kenneth D. Moelis, is an American billionaire and founder of Moelis & Company, an investment bank.
Ken Moelis Age
Ken’s age, date of birth and birthday are not publicly available. We will update this section as soon as this information becomes available.
Ken Moelis Height and Weight
Ken is of average height. It appears to be quite large judging by its photos compared to its surroundings. However, details of his actual height and other body measurements are not publicly available at this time. We will update this section as information becomes available.
Ken Moelis Education
Moelis holds a Bachelor of Science in Economics and a Master of Business Administration from the Wharton School at the University of Pennsylvania.
Ken Moelis Family, Parents, Siblings
Ken was born and raised by her parents in the United States. He is the son of Gaye (née Gross) and Herbert I. Moelis, Present of Equity Leasing Corporation, an office equipment company in New York of which his grandfather, Paul I. Gross, was a retired Present.
His father is also a breeder of thoroughbred racehorses at his CandyLand Stables in Mdletown, Delaware. He has a sister named Cindy S. Moelis, was appointed director of the Presential Commission on White House Fellows, and is married to Robert S. Rivkin, who was appointed 21st General Counsel to the United States Department of Transportation by Present Barack Obama (DOT )
Ken Moelis Wife and Children
In 1983, Moelis married Julie Lynn Taffet in a Jewish ceremony at the Sephardic Temple in Cedarhurst, New York. The couple hasn’t shared much information about their relationship.
Ken Moelis Salary
Details of his annual income are not available at this time. However, this information is currently being reviewed and will be updated shortly.
Ken Moelis Net Worth
Ken’s net worth is estimated to be between $1 million and $5 million. This includes his assets, his money and his income. His main source of income is his career as a businessman. He has accumulated wealth from his various sources of income, but prefers to lead a modest life.
Ken Moeli’s measurements and facts
Here are some interesting facts and body measurements you should know about Ken Moelis.
Ken Moelis Wiki
Full Names: Kenneth D. MoelisPopular As: Ken MoelisGender: MaleOccupation/Occupation: InvestorNationality: AmericanRace/Ethnicity: WhiteReligion: UnknownSexual Orientation: Straight
Ken Moelis Birthday
Age / How old?: N/AZodiac Sign: N/ADate of Birth: N/APlace of Birth: N/ABirthday: N/A
Ken Moelis Body Measurements
Body measurements: Not availableHeight / How tall?: Not availableWeight: Not availableEye color: Not availableHair color: Not availableShoe size: Not availableBiceps size: Not availableChest: Not availableWaist: Not available
Ken Moelis Family and Relationship
Father (Father): Herbert I. MoelisMother: Gaye GrossSiblings (Brothers and Sisters): Cindy S. MoelisMarital Status: MarriedDating/Girlfriend or Dating/Boyfriend: Married to Julie Lynn TaffetChildren: Not available
Ken Moelis Net Worth and Salary
Net Worth: $1M and $5M Salary: Under reviewRevenue Source: Investor
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The career of Ken Moelis
Moelis began his career in 1981 at Drexel Burnham Lambert, where he most recently served as Managing Director for Michael Milken in the company’s Los Angeles office. Following the collapse of Drexel, Moelis moved with part of his team to Donaldson Lufkin & Jenrette where he served as head of the corporate finance investment banking division. Under Moelis, DLJ grew into a leading investment banking firm in Los Angeles in the 1990s.
Following Credit Suisse First Boston’s acquisition of DLJ in 2000, Moelis was appointed head of US investment banking for the combined company in September 2000. However, his tenure at CSFB was short, heralding his departure to UBS (then known as UBS Warburg) just months later, taking with him the core of his team, including some who would later join Moelis & Company. Moelis recruited more than 70 senior investment bankers to UBS within three months of his arrival.
During his six years at UBS, Moelis eventually assumed the role of Present of UBS Investment Bank and was put in charge of growing UBS’s investment banking business in the United States. At the end of 2006, UBS was included in the top 4 in the global fee pool for the first time.
Moelis founded Moelis & Company with several other senior UBS investment bankers including Nav Mahmoodzadegan, Jeff Raich, John Momtazee, Todd Wadler, Elizabeth Crain and Warren Woo.
Frequently asked questions about Ken Moelis
Who is Ken?
Ken Moelis, born Kenneth D. Moelis, is an American billionaire and founder of Moelis & Company, an investment bank.
How old is Ken?
Ken’s age, date of birth and birthday are not publicly available. We will update this section as soon as this information becomes available.
How tall is Ken?
Ken is of average height. It appears to be quite large judging by its photos compared to its surroundings. However, details of his actual height and other body measurements are not publicly available at this time. We will update this section as information becomes available.
Is Ken married?
In 1983, Moelis married Julie Lynn Taffet in a Jewish ceremony at the Sephardic Temple in Cedarhurst, New York. The couple hasn’t shared much information about their relationship.
How much is Ken worth?
Ken’s net worth is estimated to be between $1 million and $5 million. This includes his assets, his money and his income. His main source of income is his career as a businessman. He has accumulated wealth from his various sources of income, but prefers to lead a modest life.
How much does Ken make?
Details of his annual income are not available at this time. However, this information is currently being reviewed and will be updated shortly.
Where does Ken live?
For security reasons, Ken has not shared his exact whereabouts. We will update this information when we get the location and pictures of his home.
Is Ken dead or alive?
Ken is alive and in good health. There were no reports that he was ill or had any health problems.
Where is Ken Now?
To get his latest updates, visit his official social media accounts below.
Ken Moelis Contacts
InstagramTwitterFacebookYoutubeTiktokWebsite
How old is Moelis?
Ken Moelis opened the doors of Moelis & Co in July 2007, one month before the great market convulsions that marked the bursting of the sub-prime mortgage crisis. He always intended it to be much more than a boutique designed to monetize the relationships he had built up over a career advising companies.
Who owns Moelis and co?
| Headquarters at 399 Park Avenue | |
|---|---|
| Industry | Financial services |
| Founded | 2007 |
| Founder | Ken Moelis |
| Headquarters | 399 Park Avenue, New York City, US |
Who started Moelis?
How big is Moelis?
Since inception we have advised on more than $3.5 trillion of transactions, with deal sizes ranging from $100 million to $160 billion. We have advised clients across a wide variety of industries and leveraged our extensive global network of 21 geographic locations to deliver the best solutions to our clients.
What does Moelis pay?
The average estimated annual salary, including base and bonus, at Moelis & Company is $112,489, or $54 per hour, while the estimated median salary is $111,644, or $53 per hour.
Who owns Moelis Australia?
Kenneth Moelis
Ken Moelis is founder and Chairman of Moelis & Company and has served as Chief Executive Officer of that company since 2007. Ken has over 30 years of investment banking and mergers and acquisitions experience. Prior to founding Moelis & Company, Mr.
Is Moelis prestigious?
In addition, Moelis again ranks No. 7 in Prestige.
Where is Moelis headquarters?
Is Moelis a good investment bank?
Moelis is a top investment bank that offers strategic advice to clients across the world. Founded and still led by superstar banker Ken Moeils, the firm is committed to creating an inclusive culture and a workforce that’s representative of its diverse range of clients.
What happened to Moelis?
Moelis rebrands to MA Financial Group.
How many bankers does Moelis?
Our team is comprised of over 70 bankers many with decades of experience, representing all sector verticals. Our advisory services include Liquidity Assistance, Covenant Compliance, New Capital Sources, Capital Structure Optimization and Debt Restructuring.
Where was Moelis founded?
When was Moelis company founded?
Is Moelis an elite boutique?
Who are the Elite Boutique Investment Banks? The main Elite Boutique Investment Banks are Rothschild, Evercore, Moelis, Lazard, PJT Partners, Centerview, Greenhill, Perella Weinberg, and Guggenheim. These firms have wide reaching platforms with many senior bankers and offer advisory services globally.
Why do you want to work for Moelis?
The most obvious reason is that the Moelis compensates employees quite well for all their efforts. The bank ranks second in satisfaction over pay. But that’s somewhat to be expected when you dive deeper into the rankings. Eight of the top 16 best-paying investment banks are boutiques, according to the survey.
What happened to Moelis?
Moelis rebrands to MA Financial Group.
Is Moelis a broker dealer?
Moelis & Company LLC is a broker-dealer registered under the Securities Exchange Act of 1934, is a member firm of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation and is licensed in all 50 states, Puerto Rico and the District of Columbia.
Is Moelis an elite boutique?
Who are the Elite Boutique Investment Banks? The main Elite Boutique Investment Banks are Rothschild, Evercore, Moelis, Lazard, PJT Partners, Centerview, Greenhill, Perella Weinberg, and Guggenheim. These firms have wide reaching platforms with many senior bankers and offer advisory services globally.
Where was Moelis founded?
Why Banker Ken Moelis is ‘Stunned’ by Zoom Productivity
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Ken Moelis – Wikipedia
Kenneth D. Moelis (born 1958) is an American billionaire investment banker, and founder of Moelis & Company, an investment banking firm.
Source: en.wikipedia.org
Date Published: 6/30/2021
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Ken Moelis Bio, Wiki, Age, Family, Wife, Moelis & Company …
Ken Moelis born Kenneth D. Moelis is an American billionaire investment banker, and founder of Moelis & Company, an investment banking firm.
Source: www.650.org
Date Published: 6/25/2021
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Ken Moelis (Banker) Wiki, Biography, Age, Wife, Family, Net …
Ken Moelis is an American billionaire investment banker, and founder of Moelis & Company, an investment banking firm. Explore Ken Moelis Wiki Age, Height, …
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Date Published: 3/2/2022
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Ken Moelis
Ken Moelis is the Founder, Chairman of the Board of Directors and Chief Executive Officer of Moelis & Company. Ken has over 40 years of experience both as …
Source: www.moelis.com
Date Published: 11/24/2022
View: 1526
Ken Moelis
American investment banker
Kenneth D. Moelis (born 1958) is an American investment banker and billionaire and founder of Moelis & Company, an investment banking firm.
Early life and education[edit]
Moelis was born in 1958 to Gaye (née Gross) and Herbert I. Moelis, president of Equity Leasing Corporation, an office equipment company in New York, of which his retired grandfather Paul I. Gross was president.[3] His Father is also a breeder of thoroughbred racehorses at his CandyLand Stables in Middletown, Delaware.[4] Moelis holds a Bachelor of Science in Economics and a Masters of Business Administration from the Wharton School at the University of Pennsylvania.[5]
Career [edit]
Moelis began his career in 1981 at Drexel Burnham Lambert, where he most recently served as Managing Director for Michael Milken in the company’s Los Angeles office. After the collapse of Drexel, Moelis joined Donaldson Lufkin & Jenrette with part of his team, where he served as head of the investment banking division for corporate finance.[6] Under Moelis, DLJ grew into a leading investment banking firm in Los Angeles in the 1990s.[7][8]
Following Credit Suisse First Boston’s acquisition of DLJ in 2000, Moelis was appointed head of US investment banking for the combined company in September 2000.[9] However, his tenure at CSFB was short and he announced his departure to UBS (then known as UBS Warburg) just months later, taking with him the core of his team, including a number who later moved to Moelis & Company] Moelis recruited within three months after his arrival, more than 70 experienced investment bankers for UBS.[12]
During his six years at UBS, Moelis eventually assumed the role of President of UBS Investment Bank and was put in charge of growing UBS’s investment banking business in the United States. At the end of 2006, UBS was ranked among the top 4 in the global fee pool for the first time.[13]
Moelis founded Moelis & Company with several other senior UBS investment bankers including Navid Mahmoodzadegan, Jeff Raich, John Momtazee, Todd Wadler, Elizabeth Crain and Warren Woo.
Other affiliations[edit]
Moelis received both his bachelor’s degree and his MBA from the Wharton School at the University of Pennsylvania in 1981. Today he is a member of the Wharton Board of Overseers.[18] Moelis is chairman of the Tourette Association of America and serves on the board of directors of Cedars Sinai Hospital. Moelis is a member of Hillcrest Country Club. [citation needed] In 2011, 2014 and 2016 he was included in Bloomberg Markets magazine’s list of the 50 Most Influential People.[citation needed]
Personal life[edit]
In 1983, Moelis married Julie Lynn Taffet in a Jewish ceremony at the Sephardic Temple in Cedarhurst, New York.[3] His sister, Cindy S. Moelis, was appointed director of the Presidential Commission on White House Fellows and is married to Robert S. Rivkin, who was appointed 21st General Counsel of the United States Department of Transportation (DOT) by President Barack Obama. 19][20]
Moelis makes it to the big league
Image: Tracie Ching
It is a highlight in the life of every entrepreneur to transfer a company they have founded into public ownership on one of the world’s leading stock exchanges. For an investment banker, launching your eponymous consulting firm on the NYSE is an even more extraordinary moment: one that brings back old memories alongside new perspectives.
Ken Moelis opened the doors of Moelis & Co in July 2007, a month before the major market shocks that marked the onset of the subprime mortgage crisis. He always wanted it to be much more than a boutique aimed at monetizing the relationships he had built throughout his career advising companies.
“I didn’t work my way up in this industry at DLJ and UBS for 30 years and then build something small,” says Moelis, Euromoney’s 2014 Banker of the Year. And when he came to the company’s IPO in April this year, it was transactional $1 trillion in transactions, including three of the top 10 largest M&A deals announced last year and four of the top 10 largest recapitalizations and restructurings of 2013.
How did it feel for a banker who has spent a working life pitching ideas to clients to find themselves on the receiving end? “The choice of the leading banks to go public, to sit on the other side of the table and be recruited, was a bit uncomfortable,” says Moelis.
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Awards for Excellence 2014:
banker of the year
In the end, the veteran investment banker did what so many corporate clients have done before him. Moelis chose Goldman Sachs and Morgan Stanley to lead the IPO. “It came down to exactly the same considerations you keep saying it does. Goldman had spent a lot of time working with us. I’m on good terms with senior executives at Goldman and I met James Gorman and developed a good relationship with Morgan Stanley. You go to the bankers you have a good relationship with, who you have consistently hedged with, who have worked out the details, provide helpful advice before the IPO process has even started, such as Goldman on certain tax changes affecting our ownership structure could have affected it.”
The deal was launched on the last day of bright blue skies for stock markets in April, before dark storm clouds rolled in from the Ukraine-Russia border standoff, which sparked a brief but violent storm of risk aversion and volatility. Moelis remained calm. He knew that given the company’s work at the center of markets dominated by big financial investors, some of whom had backed the company as early-stage private equity backers, he had to make a deal that would work for them as new buyers and existing owners worked . He reduced the size of the original offering, lowered the proposed price for the stock below the initial $26-$29 range, and started at $25, citing the obvious upside potential of the booming M&A markets following the deal would bring home even if other IPOs had problems or were pulled.
Was pricing its IPO below the range a difficult decision for the head of a fledgling investment bank? “I thought we could do a shoddy deal for $26 or a tight deal for $25,” Moelis shrugs. “Wall Street is our neighborhood. These investors are our friends. It wasn’t like we could just take the most money at the highest price and walk away with it and never see her again. No, that wasn’t a hard decision.” The stock jumped to $26.15 on the first day and was trading at $30 at the end of July: a pretty perfect result.
Moelis had done this before, of course.
“I was reminded of how, as a young investment banker, I first presented the roadshow for a company going public. It was 1982 for EMC Insurance. We started the roadshow at the Palace Hotel in New York. I was 23 years old. My family came to see me introduce the CEO.”
dark vision
But 32 years later, the decision to take Moelis & Co public was by no means sentimental or emotional, the founder tells Euromoney. “My ambition has always been to build the company, not particularly to go public as the ultimate goal.” An IPO was not the realization of a long-cherished dream, but a purely practical decision and a bleak vision for the future of banking.
Students of the history of Moelis & Co should remember that the firm opened its doors just as the financial crisis began, recruiting in the darkest days of 2008 and 2009 in the US – and then during the sovereign debt crisis of 2010 – in Europe and 2011 – the business plan was first conceived when the old model of investment banking advice was still enjoying a full bull market as a sales tool, or even a cover for the takeover of highly leveraged capital positions by universal banks.
“I didn’t quit to start Moelis & Co, I quit to get out of what Wall Street has become,” says Moelis. He crouches and thinks back to a time when banks sold synthetic products to synthetic customers in a system that relied on vast amounts of leverage in order to book profits at no upfront cost. Everyone has their own memory of realizing how big and ridiculous the Bezzle had become. For many, it marked the arrival of CDO squares and cubes. Others were leveraged loans with no principal repayment dates and allowances for capitalized interest payments in kind.
What was it for Moelis? “I thought the bell rang when banks started bridging equity in leveraged buyouts,” he says. This was the corporate equivalent of subprime: companies borrowing the equity down payment on the capital structure for businesses, allowing them to pretend they had capital to support their loans when in fact they had more debt weighing on them. It is now difficult to imagine how banks can even grasp this.
“When I announced my intention to leave UBS at the end of 2006, the investment banking business was booming. It must have seemed like a crazy decision to quit, and the response felt like, “Well, sure. Don’t let the door hit you on the way out,'” says Moelis. “They were so carefree that while I was on gardening leave they had part of my team work out a business plan with me. These colleagues later had to remind me: “Ken, we still haven’t resigned from UBS. They must actually invite us to participate.”
Advisory work on deals for Hilton Hotels, Anheuser Busch, AMR Corporation and Dubai World has solidified Moelis & Co’s global credentials
Moelis, then 48 years old, had started thinking about what kind of ideal company he would like to work for in the next 20 to 30 years of his life along with some like-minded people. He sounded out other boutique firm founders, but the real early allies were Jeff Raich, Navid Mahmoodzadegan, Elizabeth Crain, his COO at UBS and now COO at Moelis & Co, and Kate Ciafone, now Head of IR at Moelis.
The plan was not to create a boutique for a couple of 50-year-olds to share office expenses and generate a payday out of a last handful of mega deals, but rather an institutional investment bank offering conflict-free advice on M&A, restructuring and capital markets , but without securities sales and trading. Ideally it would be global in scope to work for large international corporations and permanent in nature to hire straight out of business school alongside middle and senior bankers.
Moelis says: “In the investment banking business you have to work out every single detail for your clients. You’ll notice it very soon if you don’t delve into the details. I still wake up at 3am worrying about seemingly small things. “Did I call back? Have I thanked that person for their work?” And so this is also a business of enthusiasm and energy. You want young people to be with you in a business like this. They keep you creative.”
Moelis and his colleagues decided that they should hire graduate students from day one as the old investment banking model was collapsing and this presented an opportunity to build an integrated business where talented young people could come in and feel that the company would train them, infuse them with their culture and develop them to the point where they could lead them.
The banking industry still has a long way to go
a completely different structure in financing
and advice will likely be further separated
Ken Moelis
A cornerstone of this culture is that the company operates a single profit and loss account from which all voluntary bonuses are paid after the bankers have done diligent reviews of the work of attracting new customers, cultivating existing relationships and executing transactions that generate ongoing income.
The key to avoiding the Wall Street mistakes Moelis was desperate to get out of in 2006, he said, was to never enter into individual side deals to pay bankers a percentage of their earnings.
The model of rewarding bankers for solid and diligent reporting and good advice — including forgoing deals that might not generate revenue this year — was obvious to the big investment bankers of the past. They knew that eventually the customers would reward them. After all, these customers were not poor.
“Of course income is important,” says Moelis, “but in the long term. You must reward all effort, not just earnings. And remember, revenue comes from relationships of trust that take time to develop. People keep underestimating how much great business in this world is still done with a handshake. So how do you reward a banker who has given a customer the best advice that can be to do nothing? don’t you give him anything Because if it does, then that’s a real culture killer.”
He says, “I think Moelis & Co has the best talent on Wall Street. Likewise, I recognize that the head of every investment bank thinks the same way. The real differentiator is the cultural soil in which you embed that talent.”
At its core, this is the partnership model that shaped the ownership structure of investment banks 30 years ago but now echoes only faintly in the title of managing director, which roughly corresponds to the partner appointment of yesteryear and still exists only marginally at major international law firms.
Moelis says, “One of the biggest departures from what Wall Street had become compared to other professions was that Wall Street was one of the few places where wealth was expected to be created through ongoing compensation rather than long-term stock ownership becomes. You see it again and again in the big banks: an inherent conflict between the bonus pool participants and the shareholders of the banks. Our offer to recruits has always been to become owners. But this means that building wealth takes time and is perhaps two-thirds equity ownership and only one-third ongoing compensation, leading to long-term alignments between partners that we believe lead to better advice to clients .”
Today, Moelis & Co employs around 500 investment bankers. When it opened its doors in 2007, it employed less than 1/10th as many: between 35 and 40. Almost immediately, the crisis hit and an opportunity arose to attract top talent to founders like Mahmoodzadegan, global head of media investment banking at UBS; Raich, previously Joint Head of Global M&A at UBS and a veteran of DLJ; Todd Wadler, who had covered financial sponsors at UBS and DLJ; and John Momtazee, an investment banker at the companies that cover broadcast. Moelis says: “These were great bankers who I thought would never leave their established firms, who now wondered if their firms would still be the same workplaces as they were in the past, or if they would survive at all. That’s why we were aggressive. We knew this might be our only chance at unique talent.”
While Moelis’ vision of the ideal investment bank looked conceptually appealing, hiring top talent still wasn’t easy. The one-firm P&L sounds nice enough, but it was a hard blow to bankers, who were thrown out into the streets after dealers in departments of their banks they had never heard of dealing in obscure securitized credit instruments, their companies had blown up. Nobody mistrusted the financial industry more than the people who worked in it.
Many bankers wanted to work in a place where they were rewarded directly for the revenue they made less the costs incurred and a fee for the minimal risk they took: exactly the kind of commission business Moelis didn’t want to build.
Moelis had a secret weapon. Between leaving UBS, assembling his core team around the vision for the new company and opening his doors, Moelis had conducted an extensive institutional fundraising round and secured the support of approximately 10 of the largest US institutional investors. Although the amounts from each investor were modest, even tiny relative to their funds, the company suddenly looked very strong when Moelis made the announcement. “I always joked that when we opened, we were the best capitalized company on Wall Street. But it was really a selling point that we were very healthy financially and probably the least risky place for a banker to work. To date, we have no debt, a strong balance sheet and exceptional financial flexibility.” Attract attention
Enough bankers were convinced that the company would quickly take off. In its first year, it advised Hilton Hotels on its $26.5 billion sale to Blackstone and Anheuser Busch on its $61.2 billion sale to InBev. In 2009, the company advised Dubai World on an $8.5 billion project in Las Vegas with MGM Mirage, and then gained notoriety following that assignment by becoming the sole consultant for the $26 billion -Restructuring of Dubai World was appointed.
This eventually necessitated a debt valuation and restructuring of around $60 billion in a deal that heralded Moelis & Co as much more than just a US-centric M&A advisory boutique, but rather an international firm with different skillsets – even in a still subdued M&A market – This includes not only classic corporate insolvency restructuring, but also advanced analysis and valuations of illiquid, structured and impaired debt instruments.
There were many of those buried around the system to keep the company busy.
Even if the M&A business is booming and the law firm reports record earnings after six months this year, the deal highlights go beyond M&A. Sure, the firm has completed major cross-border M&A deals this year and advised Lixil of Japan on its $3.5 billion acquisition of the Grohe Group, the largest Japanese takeover in Germany. In December 2013, it advised AMR’s unsecured creditors on that company’s $29.6 billion Chapter 11 reorganization, which ultimately led to a $17 billion merger with US Airways, despite AMR’s initial reluctance. dollars led. In February this year, it led the bidding process that saw RBS appraise assets and liabilities related to its structured retail investment products and equity derivatives businesses and sell them to BNP Paribas in a £15bn deal.
If Moelis’ goal was simply to grow the business, he certainly achieved it. The company has 15 offices in North America, Europe, the Middle East and Asia and most recently opened in Brazil in Latin America. It has a joint venture in Australia and a strategic alliance in Japan with SMBC/Nikko.
Competitors were beginning to take notice, particularly the determined growth spurt in 2009 in the US and later in Europe. The wise old heads among the established investment banks agreed that such a rush would sow the seeds of the firm’s demise and that Moelis would trip itself up by recruiting too many mediocre people who would then fight for claims with weak earnings.
Moelis says: “As with anyone who has ever started a business, we have never been short of people to tell us what we were doing wrong. But there is no perfect manual for building a new business, especially given the unique circumstances of the financial crisis. We decided from the start to ban the phrase: “That’s how we’ve always done it in the past.” When a Wall Street bank gradually got into trouble, it was clear that all decisions were made from a blank sheet should be paper. After that, you learn over time, and one lesson is that mistakes in hiring, like anything else, are inevitable. If you get a disappointing performer, just manage that person. If you hire someone who threatens your culture, that’s a much bigger problem and you need to act decisively and quickly.”
In the early rush to set standards, Moelis regularly encountered two obstacles, one frustrating him to the point of anger and one angering him over time. The first was that as a new company offering a different model of investment banking, he occasionally tried to hire a banker only to find a TARP recipient bank that dangled a two-year, multimillion-dollar guaranteed bonus. He did what Americans do. “I called my congressman.” With what message, Euromoney innocently wonders. “With the message: ‘Are you kidding me!'”
Ken Moelis, as the leadership battle to succeed Ben Bernanke (above) progressed: “I watched the political maneuvering and knew that the political, regulatory and social pressures on the big banks would only intensify.”
The second obstacle was less annoying, but just as annoying: “I found myself sometimes trying to recruit a banker with, say, a few million dollars worth of unvested stock in his current bank and saying, ‘Look, we offer 0.25% of the company. That’s worth your invested stash.” And they’d say, “For what?”
“The idea of having a currency to recruit talent created a clearer market value and made it easier to transfer ownership of the company. We talked about [an IPO], even drafted a plan, but it wasn’t clear we were going to do it, even in 2013.”
Then, 12 months ago, something changed his mind. Moelis says, “It was at the time of the leadership battle to succeed Ben Bernanke as Chairman of the Federal Reserve. I observed the political maneuvers and knew that the political, regulatory and social pressures on the big banks would not abate but would intensify.”
President Obama, no friend of the banking industry himself, failed to pave the way for his preferred candidate Larry Summers to take office, and instead Elizabeth Warren appeared to have won the populist end of the Senate Banking Committee in support of Janet Yellen. The implications for continued hostility to the banks, which still today face punitive financial sanctions, hung in the air.
“When I felt that, I called my COO and said, ‘You know about the IPO that I said we probably wouldn’t do? Dust off the plans. We will do it as we will need a public currency to take advantage of the growth opportunities that are to come,'” says Moelis. “I think we’re still in the early innings of the regulatory assault on the big banking groups.”
new boom
Moelis & Co is now presented as a revenue growth story with increasing margins and market share in an M&A deal at the start of a new boom.
Moelis says, “Since going public, the number of people wanting to speak to us has improved, as has the ease of those conversations. We no longer have to start by explaining who we are and what we do. You are no longer quite as surprised by the size of the company.”
Moelis is enough of an investment banker that he wants to win any way he can. The IPO gave the company its currency and increased its visibility just as the M&A boom was taking off. It hasn’t severely limited his and his leadership team’s ability to control their destiny. Outside shareholders do not have enough voting rights to overrule the inner circle if that ever happens. According to Moelis, that’s probably not the case. He sees the success of the IPO not as confirmation of the already evident M&A boom, but as confirmation of the company’s business model. “I’ve met shareholders who said, ‘We think you’re doing something different, more sustainable, more value-added.’
He will keep building if good value comes from investments. Moelis has long wanted to establish Brazil as a potentially large market for the company’s services and as a key hub in its international network to help it win business in other parts of the world. But he waited until the boom in Brazil and in wages and conditions for investment bankers there had subsided before beginning.
Last month, Moelis & Co hired four directors from Greenhill to establish a private funds advisory business that will provide capital raising, secondary and other independent advisory services to private fund sponsors and limited partners. This expands the capabilities of the firm’s financial sponsors, which has advised on more than $300 billion in sponsor-related transactions over the past five years, and broadens its offering to institutional investors.
Moelis sees a business opportunity for growth. “If you think back to 2008, many institutes withdrew or stopped reallocations to private investment vehicles. Since then, the value of the S&P and other world stock exchanges has nearly doubled, and with it the proportionate allocation to private equity and the like has halved. I think we’re going to see a big redistribution back into that space.”
[When I left UBS in 2006] they were so unconcerned that while I was on garden leave they had part of my team work with me on a business plan. These colleagues later had to remind me: “Ken, we still haven’t resigned from UBS. They must actually invite us to be a part of it.Ken Moelis
He talks about potential additions to the firm’s international network, perhaps in continental Europe or Southeast Asia, “but really the important thing is to occupy more sectors like healthcare, energy.” He sees good times and an acceleration in revenues. “We could easily double the size of this company.”
The company will of course have its setbacks. Moelis & Co, always proud of hiring and incubating young talent, had to lay off some bankers last year just as it hoped its first cohorts of business school recruits would rise to the fringes of the executive board. “What we’ve found is that you can have very good people who will do anything you ask them to do tremendously well and pass every check with flying colours, but then, to your surprise, in this new world of judgement, the experience and relationships, weren’t they I won’t make it to CEO.”
He shrugs. “I wasn’t born with a perfect understanding of the independent investment banking model.” It’s another lesson we’ve learned.
However, he’s certain it’s the right model, a certainty that led him to pursue an IPO that would help attract more talent leaving the big banks.
“The big banks are in real trouble,” he says. “Regulators want deposit-taking institutions to become near-utility again and will continue to push them on capital and leverage ratios, remuneration, business model and operational risk. The banking industry still has a long way to go towards a very different structure where funding and advice are expected to become more separated.”
Moelis & Company
Global independent investment bank
Moelis & Company is a global investment bank providing financial advisory services to corporations, governments and financial sponsors. The firm advises on strategic decisions such as mergers and acquisitions, recapitalizations and restructurings, and other corporate finance matters.[2]
Founded in 2007, it is headquartered in New York and has 20 offices in the Americas, Europe, the Middle East, Asia and Australia.[3] It has 900 employees, including 600 investment bankers. Of the 127 managing directors with an average of more than 20 years of experience, 62 are former division and product managers.[4] Widely recognized as one of the most respected investment banking advisory firms, Moelis has advised on more than $3.5 trillion in transactions since its inception. [2]
history [edit]
Moelis was founded in July 2007 by Ken Moelis and partners such as Navid Mahmoodzadegan and Jeffrey Raich.[2] The firm opened in New York and Los Angeles and in its first full year of operation[2] became one of the top 10 M&A advisors in the US. She advised on transactions such as the $61.2 billion sale of Anheuser-Busch to InBev, Yahoo’s defense against Microsoft’s $44.6 billion unsolicited offer and the sale of Hilton Hotels to The Blackstone Group of $26.5 billion.[5]
In July 2008, Moelis began his restructuring practice by hiring co-leads on the restructuring of Jefferies[6] and on the $22.2 billion reorganization of Delphi Automotive, the $29.6 billion reorganization of AMR Corp and the $17.0 billion merger with US Airways Group. Matthew Prest, head of restructuring at European corporate finance firm Close Brothers,[7][8] soon followed with his team to join Moelis in London.[9] Early European restructuring mandates included the £1.5 billion recapitalization of the credit union and the €15.4 billion restructuring of Glitnir.[10]
In June 2009, Mark Aedy joined Moelis as Head of EMEA Investment Banking based in the London office.[11] Early mandates in Europe included advising Natixis on the sale of most of its €30.0 billion complex credit derivatives portfolio.[5]
In August 2009, Moelis opened an office in Sydney, Australia managed by a team from JP Morgan.[12] In Australia, Moelis advised SABMiller on its A$11.7bn acquisition of Fosters Group, a consortium of Deutsche Bank, KKR and Värde Partners on its A$8.2 acquisition of GE Capital Australia & New Zealand Consumer Finance A$Bn advised and advised on acquisition of Centro Properties A$4.3Bn restructuring and A$5.0Bn merger of Australian interests.[5]
The firm opened an office in Dubai in January 2011[13] while also advising the Dubai government on the $24.9 billion restructuring of its Dubai World holding company.[5] The firm also expanded into Asia by opening an office in Hong Kong.[14]
In January 2012, Moelis announced a strategic alliance agreement with Japan’s second largest bank, SMBC, and its subsidiary SMBC Nikko.[15] Together they have advised on significant cross-border mergers and acquisitions, including the 278.4 billion yen merger of the Osaka Securities Exchange with the Tokyo Stock Exchange.
In March 2014, the company expanded to South America and opened an office in São Paulo, Brazil.[16]
In April 2014, the company completed its IPO and began trading on the New York Stock Exchange.[17] Moelis had advised on over $1 trillion worth of transactions at the time of its IPO.[18] Employees retain majority ownership of the company.[19]
In June 2014, Moelis founded a private funds advisory firm with four new hires.[20]
In February 2015, the company opened its Washington DC office after hiring Eric Cantor, former House Majority Leader, in September 2014.[21]
In April 2017, the company conducted an initial public offering (IPO) for its Australian business, Moelis Australia.
Global reach[ edit ]
Moelis operates globally from 21 offices in the Americas, Europe, the Middle East, Asia and Australia:[22]
*Strategic alliance with SMBC and SMBC Nikko **Strategic alliance with Alfaro, Dávila & Scherer
See also[edit]
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