The 47 year-old banker, widely credited with giving the Swiss-owned bank heft in the U.S. when he joined from Credit Suisse in 2001 as head of investment banking, is leaving to “pursue other opportunities,” according to a UBS memo.
“This is a very amicable separation,” said Huw Jenkins, CEO and chairman of the investment bank, noting that the Moelis, who was named president of the investment bank in 2005, will not be replaced. The unit will now be run globally by co-heads Rick Leaman and Alex Wilmot-Sitwell.
One source said that Moelis has not yet decided what he will do next, but said it is highly unlikely that he will join another major investment bank. It is more likely, the source noted, that Moelis will try to set up his own hybrid shop, combining advisory business with principal investment, in what the source called a “Blackstone West” model. Moelis, an alum of Drexel Burnham Lambert, is based in Los Angeles.
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