Just seen that they have announced the hire of 10 MDs and doubled its tech headcount.
Pretty interesting to see them do this considering the current market.
Will hirings and deal flow pick up towards the tail end of the year / beginning of 2024?
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I wouldn’t expect this elsewhere in industry. Moelis has had strong growth over the past few years so they are in a unique place to continue hiring. Also, the majority of those new hires are proven bankers poached from SVB.
Nice move. Likely just opportunistic, wouldn’t use it to read into market conditions.
Poaching MDs is often just a sign of deal flow reallocating between banks and not always a sign of an uptick in overall deal flow. More so a positive signal for Moelis than a positive signal for IB as a whole.
Will be interesting to see the payback on that. Going to take a long time for the revenue to materialize. Any educated guess on what kind of guarantee they put up? Doubt they’ll earn it back in 2 years, certainly not 1.
My question is always how these banks keep MDs after their guarantee is up. Doesn’t seem like a lot they can do to differentiate and avoid the highest bidder situation. I guess if I were an MD I’d want good MD’s in my connected groups (ie coverage guy wants good M&A guy) but that seems tough to rely on.
No MD who leaves a bank after they guarantee is up will be able to pull that move more than once, twice if extremely lucky
Similar to an analyst who laterals, once you make a move you are kinda stuck there for some time. Only that at the MD level it is even more, as you are the one running the team
It probably depends on the market, the MD and the banks involved, no?
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