July 20, 2007 |
Ken Moelis, who quit in June as head of investment banking at global financial giant UBS, has set up his own banking firm, as expected. But Westwood-based Moelis & Co., for the time being, is operating as Moelis Advisors, a division of Mercanti Securities, a Minneapolis-based investment firm. The set-up allows Moelis to comply with federal securities rules: Until Moelis & Co.
August 5, 2008 |
Ken Moelis' model for his new investment bank is the so-called merchant bank. All investment banks provide financial advice to companies for a fee, but a merchant bank also has a pool of capital to invest in corporate deals -- for example, in the case of a company that's going private in a leveraged buyout led by management. Goldman, Sachs & Co. is a major player in the merchant-banking arena.
November 29, 2001 |
UBS Warburg promoted Ken Moelis to sole head of U.S. investment banking and gave co-head Robert Hotz a new post in which he will spend more time working with clients, according to people familiar with the situation. Moelis, 43, joined UBS Warburg last year from Credit Suisse First Boston after CSFB's purchase of Donaldson, Lufkin & Jenrette Inc., Moelis' old firm. UBS Warburg is the securities unit of UBS, Switzerland's biggest bank.
December 6, 2000 |
A crew of about 20 investment bankers in the Los Angeles office of Credit Suisse First Boston are leaving to join their former leader at UBS Warburg, sources said. The bankers, including two top-ranking managing directors, are following Ken Moelis, one of Southern California's top investment bankers, who last month said he will depart Credit Suisse for UBS.
December 19, 2001 |
UBS, Switzerland's biggest bank, ousted President Luqman Arnold on Tuesday amid management disagreements over the company's course. Some analysts said a key point of contention was Luqman's decision to rein in the firm's newly aggressive investment-banking arm headed by Los Angeles-based Ken Moelis. Analysts said Moelis was forced in October to scrap a $3-billion loan commitment to EchoStar Communications when the latter was bidding for General Motors' Hughes Electronics unit.
July 6, 2007 |
Financial services giant UBS ousted its chief executive Thursday in a surprise move after three quarters of declining earnings. UBS, the world's biggest money manager, said Peter Wuffli, 49, "relinquishes all of his functions at UBS." He was succeeded by Marcel Rohner, 42, the Zurich-based company's deputy CEO. Marcel Ospel, 57, agreed to stay on as chairman for at least three years after the board rejected his proposal to have Wuffli replace him.