- Moelis is one of the best advisors around, and their shrewd hiring in 2020 is paying of with lower comp ratios in booming M&A markets.
- But pace of transactions is slowing, even though we don't expect pipeline attrition.
- Restructuring is gassing out and their pipeline is empty, but could fill if things turn. There are offsets in the private funds business as well, like during COVID-19.
- Higher rates and geopolitical tensions could put a dent in their M&A based businesses. The direction isn't good, so it's hard to judge how they'll perform even with recent discounts.
For further details see:
Moelis & Co: M&A Pace Is Slowing Down, At Least They Have Restructuring