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Moelis prefers its MDs from outside of its internal talent pool

Moelis’ Q2 results are out, and its fate as a bank seems to fall more in line with Evercore than PJT Partners.

Much like Evercore, Moelis has seen substantial revenue falls (down 26% when comparing this Q2 to last year’s, and down 32% when comparing half-years). It’s also bolstered its Managing Director (MD) class significantly, like Evercore and its Senior MDs.

The total number of MDs at the boutique is now 160, compared to 137 this time last year (and 142 at the end of 2022). The vast majority of new MDs, 15 out of 25, came into the technology team; there were also a notable increase in healthcare and industrials MDs (four each).

The logic of the distribution is more or less self-evident; technology comprises the largest sector in global M&A, but Moelis is comparatively weak in terms of market share – 1%, compared to 2% in industrials and 2.1% in healthcare (the second and fourth largest sectors for M&A spending).

The majority of those new MDs are external hires. Of the 25 new MDs at the bank, 19 came from outside of the bank. Moelis’ “strategic investments in talent”, as Chairman and CEO Ken Moelis called it, is on par with what we’ve seen at other boutiques, and it stark contrast to bigger investment banks, which are cutting jobs left right and center.

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AUTHORZeno Toulon

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