INVESTMENT bank Moelis & Co is working with Goldman Sachs on a potential initial public offering (IPO), according to reports.
The New York-based bank, founded by Wall Street dealmaker Ken Moelis, is assembling paperwork for its IPO, and working on it with law firm Skadden Arps Slate Meagher & Flom and other advisers, the Wall Street Journal reported. Moelis & Co was last night unavailable for comment.
Moelis in November said it hired former Citigroup banker Jonathan Kaye to focus on its merger and acquisition practice and shareholder activism, in a sign that investment banks want to be able to advise public companies as shareholders look to shake up boardrooms.
The firm was founded in March 2007, after Ken Moelis stepped down from his role as an investment banker at Swiss financial giant UBS. He and other employees now hold an 85 per cent stake in the firm, and institutional investors own another 10 per cent, according to reports.
Moelis’s recent deals include Berkshire Hathaway’s takeover of Heinz, SABMiller’s bid for Foster’s as well as the pending merger of Omnicom and Publicis Groupe.