Macquarie Names Mora Head Of US Financial Sponsors Group
02 Agosto 2011 - 9:32PM
Dow Jones News
Macquarie Group Ltd. (MQBKY, MQG.AU), in a move to revitalize
its investment banking business with private equity clients, named
Jorge Mora senior managing director and head of its U.S. financial
sponsors practice within Macquarie Capital.
Mora is a former managing director in financial sponsor banking
at UBS (UBS), where he worked for eight years until 2008 with
clients including Blackstone Group L.P. (BX), Kelso & Co., and
Providence Equity Partners. Most recently he was head of financial
sponsors for Lazard Ltd. (LAZ). He has also had stints at Donaldson
Lufkin & Jenrette and The Exxel Group.
Australia-based Macquarie is building its financial sponsors
group with the expectation that demand from private equity funds
for investment banking will pick up when the current market
uncertainty lifts. Macquarie, known as the largest infrastructure
fund manager globally, with more than 30 funds managing 97
infrastructure assets across 23 countries, has also made use of the
disruption from the financial crisis to build its investment
banking business in the U.S.
The firm also hired William Baumgart, a former UBS and DLJ
colleague of Mora's, to join as managing director in its financial
sponsors group. Baumgart was most recently head of financial
sponsors at Citadel Securities.
Financial sponsors as a group are among Wall Street's most
lucrative client bases. They paid $7.4 billion in investment
banking fees in the first half of this year, up 74% from last year
as the deal markets rebound. Financial sponsors contributed 18% of
overall investment banking fees, according to Dealogic.
J.P. Morgan Chase & Co. (JPM), Bank of America (BAC), and
Goldman Sachs Group Inc. (GS) rank as the top three in fees from
financial sponsors in the first half of the year, according to
Dealogic, taking in 28% collectively of fees paid by sponsors.
Robert Redmond, vice chairman and head of U.S. corporate finance
at Macquarie Capital, said in an interview that the firm's
willingness to invest equity directly to facilitate client
transactions is what sets it apart from its U.S. bank
competitors.
For example, earlier this year Macquarie advised Cumulus Media
Inc. (CMLS) in its merger with Citadel Broadcasting Corp., and
provided $250 million in equity financing. UBS, which was Cumulus's
lead financial adviser, committed to debt financing.
Banks typically provide the loans and debt financing for client
transactions. And U.S. banks face stricter rules for investments in
private equity funds following the financial crisis.
Mora began working at Macquarie two weeks ago. Some of his past
deals include advising Rowland Coffee Roasters Inc. in its $360
million sale to J.M. Smucker Co. (SJM) in May, advising selling
shareholders in Net-a-Porter's $530 million sale to Richemont last
year, and advising Blackstone and One Equity Partners in their $4.3
billion acquisition of Travelport in 2006.
-By Liz Moyer, Dow Jones Newswires; 212-416-2512;
liz.moyer@dowjones.com
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