A strong quarter of mergers and acquisitions business has helped the independent investment bank Moelis & Co hit a new revenue record — despite a 14% industry-wide drop in deal fees.
The New York-headquarted advisory firm, which reported earnings late on Monday, generated $219.4m in revenues during the first three months of 2018. This was a 27% increase on the first quarter a year ago — itself a record for the firm. Net profits rose 37% year-on-year to around $54m.
