Two of Wall Street’s fastest-growing takeover advisers are perched in towers almost directly across Manhattan’s Park Avenue - and they’re glowering at each other.
Bloomberg News reports that on one side, Evercore Partners has been gobbling up market share advising companies on mergers and acquisitions with a time-tested formula: Hire star bankers and reward them. Chief Executive Officer Ralph Schlosstein, 66, told analysts Thursday that he’d rather leave posts empty than accept someone who isn’t in the top tier.
On the other side, Moelis & Co. is stocking desks with younger go-getters. “What we don’t want to do is hire what I call ‘peak talent,”’ who are too pricey and past their prime, founder Ken Moelis, 59, told analysts this week. His firm also has been climbing league tables, while pouring proceeds into dividends.
“There’s just not as much talent being created in the firms that people are used to recruiting from, as was the case in the past,” said Ken Jacobs, the CEO of Lazard Ltd., a rival investment bank. “For the firms that are spending tons on hiring from the outside to grow, it’s been a bit more challenging.”
Hit the link below to access the complete Bloomberg News article: