Moelis credited Rand’s “Atlas Shrugged” with giving him the “motivation and backbone” to start his firm, he said in a 2013 speech. The book’s celebration of unfettered capitalism and entrepreneurialism, embodied in the protagonist John Galt, has "affected my life more than I know," he said.
Weinstein Client
Such a philosophy may explain why Moelis has succeeded in drawing often ostentatious entrepreneurs into the fold and his willingness to take on clients others might reject. His firm is representing Weinstein Co.’s board as it tries to sell the firm in the wake of sexual-harassment allegations against co-founder Harvey Weinstein.
Moelis’s aggression on behalf of clients hasn’t always worked out, including Broadcom’s unsolicited offer for Qualcomm.
“We haven’t seen many successful hostile takeovers since the days of Mike Milken,” said Greif. ”It was a gutsy move for them to try to do that and perhaps not exactly the most prudent one.”
The bid stoked a national debate over selling U.S. technology overseas. At the height of the fight, Broadcom was on course to seize control of Qualcomm’s board in a shareholder vote, overcoming resistance to the deal. Yet it unraveled when President Trump, citing security concerns, issued an executive order blocking it.
Still, the bank posted the highest revenue in its history in the first quarter, pushing its shares to a record. In 2017, Moelis & Co. worked on $85 billion worth of deals, up $30 billion from the prior year, according to data compiled by Bloomberg, so his well-honed formula is still working.
"Kenny understood if you really want to do this right your clients have to become your friends," Engel said.
This article was provided by Bloomberg News.