Ken Moelis, the former president of UBS’ investment bank who launched his own firm four years ago, is opening a new office in Houston to capitalise on dealmaking in the oil and gas industry.
It’s the ninth office for Moelis & Co.
And he’s entrusting the job to former Goldman Sachs i-banker, F. Brady Parish Jr, Bloomberg reports.
Parish was a managing director at Goldman; he left last year.
According to Bloomberg, there’s no glut of talent in oil and gas investment banking and firms are competing to recruit the small number of high-calibre individuals.
Citi poached UBS’ Houston team, headed up by Stephen Trauber, last year, for example.
Moelis told Bloomberg, “Whether energy has a big year in 2011 or 2020, we need to be in that space.”
While at Goldman Sachs, Parish advised Exco Resources on two joint ventures in 2009 and 2010.
“Over the course of his career, he has advised some of the largest oil and gas companies on critical strategic matters, including numerous mergers and acquisitions and capital markets transactions,” the Sun Herald reports.
He also advised Hunt Petroleum Corp. on its $4 billion sale to XTO Energy in 2008 — a huge deal profit-wise, but also because if effectively ended the Texas oil and gas dynasty, Hunt Petroleum.
On the deal, Parish said:
There was also no first- or second-round bidding, only best, final offers. “We wanted companies to come up with their best offer, otherwise it would have unnecessarily delayed the process without resulting in a higher price.”
Parish was with Goldman for five years, and before that worked for Merrill Lynch and JP Morgan.