Mr Moelis knows he will have to remain nimble while expanding his firms offerings. Thisweek Moelis Company announced the opening of an Australian office that will focuson Asian deals. Plans are also under way to underwrite securities and develop a tradingplatform. He hopes the latter move will address a shortcoming of many boutiques: theirinability to access capital markets. Mr Moelis has also hired risk-advisory experts to helpclients comb through the arcane financial instruments sitting on their books.But he is quick to point out that he will not do any proprietary trading or expand into otherfields that could lead to conflicts of interest.
莫里斯深知在扩张业务的同时一定要保持机敏。这周莫里斯公司宣布在澳大利亚开设一家专注于亚洲业务的分支机构。他计划承销证券并开发一个交易平台。他希望后者能够应对许多小投行的不足:他们无法进入资本市场。莫里斯也雇佣了风险咨询管家来帮助客户梳理帐面上那些神秘的金融工具。但是他又迅速指出,他将不会做任何自营交易或者将业务扩展到那些可能导致利益冲突的领域。
Battle with the bulge
逐鹿群雄
Mr Moelis concedes that his firm is unlikely to keep growing so quickly. Just as the crisisprovided an opportunity, the recovery is posing a threat as big banks recapitalize andprepare to wrest business back from the boutiques. Worse, talented bankers from fallengiants such as Lehman Brothers and Bear Stearns are now setting up their own boutiques,further stiffening the competition. Moelis Company fell to 82nd in the most recentM A league tables. That decline, although offset in part by restructuring work, showshow transient success in investment banking can be.
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