A Wall Street boutique is crushing it, and now it's ready to go out and make some big hires
The firm beat analyst's first quarter expectations by earning $173 million in revenue, thanks in part to a focus on middle market activity, something the company believes separates it from competitors.
Record profits have allowed Moelis & Co to pursue outside talent, including poaching a major tech hire from a competitor.
"We announced recently a veteran software and technology hire who will join this summer and our recruiting pipeline is strong," said CEO and founder Kenneth Moelis in his company's earning call.
That veteran is Lee Counselman, an investment banker focused on software and services. Counselman was most recently the global head of software investment banking at Deutsche Bank, and held a prior role as co-head of technology M&A.
Moelis & Co currently employs 110 managing directors and about 650 employees in 17 offices worldwide, and Ken Moelis said he is expecting the firm to add to its number of MDs.
"We think we have a strong pipeline, but again, those are, you don't know till you know. Hiring quality people is always a - you're never done till you're done. So I don't want to overdo it, but our pipeline of people and conversations is as strong as it's ever been in the last two or three years."
Some of the firm's expansion can be expected to come from internal promotions as well.
"Remember, we're just now getting into people that we really recruited out of business school 8 to 10 years ago, trained and acculturated," Moelis said. "So we're getting much more confident in our own internal pipeline as well."
Moelis & Co has been involved in some major deals recently, including securing a lead advisory role on Saudi Aramco's massive upcoming IPO. To secure the account, the boutique firm beat out major players including HSBC and Morgan Stanley.
It's also advising Deckers Outdoor, the maker of the popular UGG brand, on a review of "strategic alternatives" that include the sale of the firm.