New York (HedgeCo.Net) – Former Republican politician Eric Cantor has joined Moelis & Company as vice-chairman at a salary over $1 million a year, The Guardian reports. Moelis was a donor and political supporter of the former House majority leader from Virginia.
Moelis & Company’s asset management business includes private equity firm Moelis Capital Partners and hedge fund Gracie Asset Management. In addition to these two asset management platforms, Moelis & Company recently acquired Freeport Financial Partners LLC to expand its asset management business to provide capital solutions to middle market companies.
Roll Call reports: “Ken Moelis, chairman and CEO of Moelis & Co., gave $5,000 to Cantor’s leadership political action committee, Every Republican is Crucial, just 12 weeks before he reportedly opened talks with Cantor about joining the bank. Moelis also personally gave the maximum $5,200 in this election cycle to Cantor’s campaign committee. Cantor’s new gig as vice chairman and managing director for the bank will earn him $400,000 this year, with a $400,000 signing bonus and $1 million worth of stock.”
The Guardian says: “Cantor’s banking-friendly stance appears to have been a reason for his hiring, according to a statement from CEO Ken Moelis: “Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions.””
Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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