Moelis & Co. is doubling the number of investment bankers on its technology team, according to a person familiar with the matter, as it continues to recruit from SVB Securities’s ranks.
(Bloomberg) — Moelis & Co. is doubling the number of investment bankers on its technology team, according to a person familiar with the matter, as it continues to recruit from SVB Securities’s ranks.
The boutique firm’s latest appointments include former SVB Securities bankers Raymond Wu covering application software, Roger Knight on infrastructure and security software, Xiaoying Zhong on internet and front office software and Georgi Balinov on fintech and payments, the person said. Wu was a managing director at SVB, while the other three were senior managing directors.
The bankers will join Moelis’s technology team in New York, San Francisco and Boston, boosting the number of managing directors focusing on the sector to 25.
Moelis’s latest talent acquisitions build on one of the largest poachings of an investment-banking team in recent years. The firm has hired at least seven of SVB Securities’s senior managing directors, including Jason Auerbach, its former global co-head of investment banking, Bloomberg News reported last month. At Moelis, he’ll be global head of technology investment banking, the person with knowledge of the matter said.
A representative for Moelis declined to comment. An SVB Securities spokeswoman didn’t immediately respond to a request for comment.
The move adds to the challenges facing SVB Financial Group, the parent of SVB Securities, as it explores options for the unit after the failure of Silicon Valley Bank in March. The lender was sold by regulators to First Citizens BancShares Inc., in a deal that did not include SVB Securities.
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