- REUTERS/Lucas Jackson
The boutique bank Moelis & Company is taking a new tack in developing its top talent.
The firm has partnered with the Wharton School in Pennsylvania to create a leadership development program for its recently promoted vice presidents, senior vice presidents, and managing directors.
Thirty bankers will participate in the inaugural session, which kicks off on Sunday.
Over three days, the newly promoted managers will take part in experiential learning exercises and one-on-one coaching sessions. Themes will include building and leading strong teams and sharpening negotiation tactics.
Moelis’ founder, Ken Moelis, is a Wharton alumnus, as are many of the firm’s employees.
The move is a step toward changing the perception of Moelis. Smaller firms have historically hired more experienced bankers from bulge-bracket banks, rather than developing their own talent.
Navid Mahmoodzadegan, a founding partner and copresident, touched on the firm’s efforts to change that at a conference last month.
“Boutique investment banks historically have not been places where people come up through the ranks, develop their own franchises, and then become industry leaders,” Mahmoodzadegan said at the Sandler O’Neill Global Exchange and Brokerage Conference in June.
“One of the things we’ve done through, a) a focus on developing talent and b) having the type of culture and philosophy that we do, is developing our talent internally. So we’ve consistently, since we’ve been in business, promoted people from within every single year, I believe, without exception.”
More than 20% of Moelis’ managing directors were promoted from within the firm.
The boutique shop was founded in 2007 and has grown to employ about 650 people around the world.