Not a bad career move.
Bloomberg News reports that Kenneth Moelis owns an apartment at New York’s Plaza Hotel, a 15,249-square-foot mansion in Beverly Hills and an investment bank that’s going to make him very rich later this month.
When Moelis & Co sells shares to the public, the merger advisory firm’s founder will own stock worth about $386m with another $100m in trust for his family, according to a filing. Robert Greenhill, who started a rival firm, has built a net worth of at least $550m since his firm went public a decade ago, data compiled by Bloomberg show.
While it’s not quite WhatsApp Inc. wealth, the fortunes show why top bankers leave Wall Street’s biggest firms to advise companies on their own. Moelis, 55, who worked for Carl Icahn, Donald Trump and Steve Wynn, is seeking a valuation as high as $1.58bn for the firm he started seven years ago after leaving UBS AG. The initial public offering probably will be priced later this month.
'It’s only a tiny percentage of bankers who get to the boutiques and a tiny percentage who get to the level where their name’s on the door', said Richard Lipstein, managing director of New York-based recruiting firm Gilbert Tweed International.
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