Bank to square one

　　回到原點的銀行

　　Ken Moelis believes that small is beautiful when itcomes to investment banking;

　　肯莫里斯認為對于投行來說做小是件好事;

　　The first investment bank where Ken Moelis workedDrexel, Burnham, Lambertfailed spectacularly.Another former employer, Donaldson, Lufkin Jenrette , was bought by a bigger rival. Themost recent, UBS, is now on government life-support. During his 25-year career in investmentbanking, in short, Mr Moelis has seen it all. Over that period investment banks have evolvedfrom staid partnerships into huge, publicly traded conglomerates before stumbling, and insome cases collapsing, last year. But Mr Moelis has survived the upheaval, and come upwith some ideas about how investment banking could be improved along the way. He is nowtrying to put them into practice at the bank he founded in 2007, Moelis Company.

　　肯.莫里斯工作過的第一家銀行Drexel, Burnham, Lambert壯烈地倒下了。另外幾家老雇主Donaldson,Lufkin Jenrette也被更大的對手收購。最近，瑞銀集團也靠政府支持維生。在25年的投行生涯中，莫里斯，簡單地說，見證了這個全過程。在這期間，在去年投行業受挫，甚至徹底崩潰之前，他們從一種穩健的伙伴發展成為巨大的，公開交易的混業經營體。但是莫里斯經受住了巨變的考驗，并且對如何改進投行業有了一些想法。現在他試圖把這些想法在他2007年創辦的莫里斯公司付諸實踐。

　　Mr Moelis started out in the Beverly Hills office of Drexel, where he worked with MichaelMilken, the junk-bond king who was later jailed for fraud. They raised money for cable-television channels and mega-casinos in Las Vegasboth innovative new businesses at thetimewith fabled entrepreneurs such as Ted Turner and Steve Wynn. Mr Milkens belief that asmall bank with great ideas could shake the establishment made an impression on theyoung Mr Moelis, despite Drexels subsequent collapse. Over the course of his career, hesays, he concluded that banking conglomerates were too unwieldy to look after clients oremployees properlyone reason why he left DLJ in 2000 when it merged with Credit Suisse.Nonetheless, a few months later Mr Moelis agreed to join UBS, another big Swiss bank, tobuild up its American investment-banking unit. And build he did. It quickly became a leader inalmost every branch of the business, from mergers and acquisitions to shareofferings.

　　莫里斯的事業始于比利弗山的德雷克塞爾辦公室，和他共事的是垃圾債券之王邁克爾.米爾肯，該人后來因為欺詐而入獄。他們和超級企業家諸如特德?特納和史蒂夫?韋恩一起，為有線電視頻道和拉斯維加斯的超級賭場這兩個在當時屬于領新的行業籌資蓄款。盡管德雷克塞爾后來倒閉了，但是米爾肯認為有著好思路的小銀行能夠撼動大機構的觀點，給年輕的莫里斯留下了深刻的印象。在他的職業生涯中，他得出這樣的結論：銀行的混業經營使得不便于恰當地服務客戶和員工，這也是他在2000年DLJ兼并瑞士信貸后離開的原因之一。盡管如此，莫里斯還是在幾個月以后同意加入另一個瑞士銀行巨頭瑞銀集團，來組建它的美國投資銀行部門。他也的確這樣做了，隨后瑞銀的投行部門成為這個商業領域從合并收購到配股幾乎所有業務的龍頭。

　　That was not enough for Mr Moelis, who says he still felt uncomfortable at such a big bank.In early 2007, despite the worsening economic outlook, he left to set up a bank of his own. Aday after opening Moelis Company he won the job of advising Hilton Hotels on a $26billion takeover bid from Blackstone Groupone of the biggest deals of the buy-out boom. Asthe recession took hold, demand grew for the impartial advice that boutique banks offeredbut that the giants, with their myriad customers and huge proprietary-trading operations,struggle to provide.

　　但是這些對于莫里斯遠遠不夠，這樣一個大銀行里他還是覺得不舒服。在2007年初，盡管經濟前景不樂觀，他依然選擇離開并創建自己的銀行。在開業后的第一天，莫里斯贏得了希爾頓酒店從黑石集團260億美元的收購要約 買斷熱潮中最大的一筆交易。隨著經濟衰退的確立，對精品銀行的中立意見的需求增加，但是那些有著眾多顧客和巨額自營交易的投行巨頭們卻很難提供。

　　Indeed, big banks share of the worlds M A business so far this year is five percentagepoints lower than it was last year. Boutique banks, by contrast, have won their highest shareever, at 15%. Both long-established small outfits such as Rothschild and Lazard, and newerones such as Evercore Partners, have seen their business expand. But Moelis Company made the biggest splash, briefly becoming one of the top ten banks in the M Abusiness in America. Mr Moeliss firm helped Anheuser-Busch, an American brewer, sell itselffor $52 billion to Inbev of Belgium, and helped Yahoo!, an internet portal, see off a takeoverbid from Microsoft, a software giant.

　　的確，截至目前大佬們在全世界并購和收購商業的市場份額下滑了5個百分點，而與之鮮明對比的精品小投行則贏得了史無前例的15%。無論是Rothschild 和Lazard這些設立已久的小機構還是諸如EvercorePartners這樣的新機構，他們都看到了業務的迅速擴張。但莫里斯公司還是引發了最大的轟動，他曾暫時雄踞全美并購和收購業務前十名。莫里斯的公司幫助美國啤酒釀造商安海斯布希以520億美元將自己出售給比利時的英博公司，幫助互聯網門戶雅虎抵制了軟件巨頭微軟的收購。

　　In the immediate aftermath of the crisis, the big banks resembled patients coming downfrom ether to Mr Moelis: Everyone awoke to find that profits generated from leverage andcasino-like bets made with the banks own capital were just illusions. Small banks were ableto win lucrative advisory mandates and hire talented bankers from their dazed rivals. MrMoelis picked up some big names, including Mark Aedy, a former star at Merrill Lynch. In lessthan two years he has expanded from ten employees in New York and Los Angeles to 230 insix different cities.

　　在金融危機的余波中，對于莫里斯來說那些大銀行門就像剛從乙醚中蘇醒的病人：每個醒來發現，用銀行自己的資本金來從杠桿交易和賭場般的交易中賺取利潤只是幻想。小投行可以贏得有利可圖的咨詢委托，并從暈頭轉向的對手那里雇到優秀的銀行家。莫里斯列舉了一些如雷貫耳的名字，包括美林的創始人MarkAedy。在不到兩年的時間里，他已經將在紐約和洛杉磯的10名雇員擴大到6個不同城市的230名雇員。

　　Although the sudden seizure of the credit markets and the subsequent swoon of the economyafflicted the titans of the industry most severely, it is now beginning to affect boutiques too,as mergers dry up. But Mr Moelis has already experienced such a drought, during therecession of the early 1990s, when he was head of investment banking at DLJ. At the time,rather than wait for M A deals to return, he decided to build expertise in loanrestructuring, to win business advising the many firms that were struggling with their debts.DLJs restructuring group became the market leader and Mr Moelis learned that When youhelp a client in trouble, you have a client for life. So he has repeated the trick at Moelis Company as the economy has soured: restructuring now makes up half its business.

　　盡管信貸市場的休克和隨后經濟的暈厥曾經嚴重折麼了這個行業的巨頭們，現在隨著并購業務的枯竭，它也開始影響精品小投行。但是早在1990年代初期的衰退中，時任DLJ投行部門負責人的莫里斯就經歷過這樣的大旱。當時，與其干等著并購收購交易回暖，莫里斯決定在債務重組領域建立專家團隊，通過為眾多受困于債務的公司咨詢來贏得生意。DLJ的重組團隊成為市場的先導，莫里斯也學到了當你在客戶陷入麻煩的時候幫助了他，你就贏得了一個終身的客戶。因此在經濟低迷的時候，他又在莫里斯公司舊計重演，目前重組占了公司業務的半壁江山。

　　Mr Moelis knows he will have to remain nimble while expanding his firms offerings. Thisweek Moelis Company announced the opening of an Australian office that will focuson Asian deals. Plans are also under way to underwrite securities and develop a tradingplatform. He hopes the latter move will address a shortcoming of many boutiques: theirinability to access capital markets. Mr Moelis has also hired risk-advisory experts to helpclients comb through the arcane financial instruments sitting on their books.But he is quick to point out that he will not do any proprietary trading or expand into otherfields that could lead to conflicts of interest.

　　莫里斯深知在擴張業務的同時一定要保持機敏。這周莫里斯公司宣布在澳大利亞開設一家專注于亞洲業務的分支機構。他計劃承銷證券并開發一個交易平臺。他希望后者能夠應對許多小投行的不足：他們無法進入資本市場。莫里斯也雇傭了風險咨詢管家來幫助客戶梳理帳面上那些神秘的金融工具。但是他又迅速指出，他將不會做任何自營交易或者將業務擴展到那些可能導致利益沖突的領域。

　　Battle with the bulge

　　逐鹿群雄

　　Mr Moelis concedes that his firm is unlikely to keep growing so quickly. Just as the crisisprovided an opportunity, the recovery is posing a threat as big banks recapitalize andprepare to wrest business back from the boutiques. Worse, talented bankers from fallengiants such as Lehman Brothers and Bear Stearns are now setting up their own boutiques,further stiffening the competition. Moelis Company fell to 82nd in the most recentM A league tables. That decline, although offset in part by restructuring work, showshow transient success in investment banking can be.

　　莫里斯承認他的公司不可能一直這樣快速發展。正如危機提供了機會，復蘇也給小投行帶來威脅，那些大投行們重組資產后準備從小投行那里搶回生意。更糟糕的是，那些倒下的投行如雷曼兄弟和貝爾斯登里銀行家們現在也在創辦自己的小型投行，這更加劇了競爭。莫里斯公司在最近的并購收購排行榜中落到了第82位。這種下滑盡管可能部分由于重組業務，但是也顯示了投行業的成功是多么短暫。

　　Mr Moelis has proved adept at surviving crises, but the banks he has worked for have not allbeen so fortunate. Can he build a bank that will outlast him? He is convinced that newideas and agile management will allow Moelis Company to flourish. But his owncareer shows just how easily banks can come and go, in large part because bankers do too

　　莫里斯從金融危機中的幸存證明了他的老道，但是他所服務過的銀行們卻并不都那樣幸運。他能夠建立一個比他活得更久的銀行么?他堅信新思路和管理的靈活性會使莫里斯公司蓬勃發展。但是他自己的職業生涯卻顯示了銀行是多么容易轉瞬即逝，而這多半是因為銀行家也是這樣做。

　　Bank to square one

　　回到原點的銀行

　　Ken Moelis believes that small is beautiful when itcomes to investment banking;

　　肯莫里斯認為對于投行來說做小是件好事;

　　The first investment bank where Ken Moelis workedDrexel, Burnham, Lambertfailed spectacularly.Another former employer, Donaldson, Lufkin Jenrette , was bought by a bigger rival. Themost recent, UBS, is now on government life-support. During his 25-year career in investmentbanking, in short, Mr Moelis has seen it all. Over that period investment banks have evolvedfrom staid partnerships into huge, publicly traded conglomerates before stumbling, and insome cases collapsing, last year. But Mr Moelis has survived the upheaval, and come upwith some ideas about how investment banking could be improved along the way. He is nowtrying to put them into practice at the bank he founded in 2007, Moelis Company.

　　肯.莫里斯工作過的第一家銀行Drexel, Burnham, Lambert壯烈地倒下了。另外幾家老雇主Donaldson,Lufkin Jenrette也被更大的對手收購。最近，瑞銀集團也靠政府支持維生。在25年的投行生涯中，莫里斯，簡單地說，見證了這個全過程。在這期間，在去年投行業受挫，甚至徹底崩潰之前，他們從一種穩健的伙伴發展成為巨大的，公開交易的混業經營體。但是莫里斯經受住了巨變的考驗，并且對如何改進投行業有了一些想法?，F在他試圖把這些想法在他2007年創辦的莫里斯公司付諸實踐。

　　Mr Moelis started out in the Beverly Hills office of Drexel, where he worked with MichaelMilken, the junk-bond king who was later jailed for fraud. They raised money for cable-television channels and mega-casinos in Las Vegasboth innovative new businesses at thetimewith fabled entrepreneurs such as Ted Turner and Steve Wynn. Mr Milkens belief that asmall bank with great ideas could shake the establishment made an impression on theyoung Mr Moelis, despite Drexels subsequent collapse. Over the course of his career, hesays, he concluded that banking conglomerates were too unwieldy to look after clients oremployees properlyone reason why he left DLJ in 2000 when it merged with Credit Suisse.Nonetheless, a few months later Mr Moelis agreed to join UBS, another big Swiss bank, tobuild up its American investment-banking unit. And build he did. It quickly became a leader inalmost every branch of the business, from mergers and acquisitions to shareofferings.

　　莫里斯的事業始于比利弗山的德雷克塞爾辦公室，和他共事的是垃圾債券之王邁克爾.米爾肯，該人后來因為欺詐而入獄。他們和超級企業家諸如特德?特納和史蒂夫?韋恩一起，為有線電視頻道和拉斯維加斯的超級賭場這兩個在當時屬于領新的行業籌資蓄款。盡管德雷克塞爾后來倒閉了，但是米爾肯認為有著好思路的小銀行能夠撼動大機構的觀點，給年輕的莫里斯留下了深刻的印象。在他的職業生涯中，他得出這樣的結論：銀行的混業經營使得不便于恰當地服務客戶和員工，這也是他在2000年DLJ兼并瑞士信貸后離開的原因之一。盡管如此，莫里斯還是在幾個月以后同意加入另一個瑞士銀行巨頭瑞銀集團，來組建它的美國投資銀行部門。他也的確這樣做了，隨后瑞銀的投行部門成為這個商業領域從合并收購到配股幾乎所有業務的龍頭。

　　That was not enough for Mr Moelis, who says he still felt uncomfortable at such a big bank.In early 2007, despite the worsening economic outlook, he left to set up a bank of his own. Aday after opening Moelis Company he won the job of advising Hilton Hotels on a $26billion takeover bid from Blackstone Groupone of the biggest deals of the buy-out boom. Asthe recession took hold, demand grew for the impartial advice that boutique banks offeredbut that the giants, with their myriad customers and huge proprietary-trading operations,struggle to provide.

　　但是這些對于莫里斯遠遠不夠，這樣一個大銀行里他還是覺得不舒服。在2007年初，盡管經濟前景不樂觀，他依然選擇離開并創建自己的銀行。在開業后的第一天，莫里斯贏得了希爾頓酒店從黑石集團260億美元的收購要約 買斷熱潮中最大的一筆交易。隨著經濟衰退的確立，對精品銀行的中立意見的需求增加，但是那些有著眾多顧客和巨額自營交易的投行巨頭們卻很難提供。

　　Indeed, big banks share of the worlds M A business so far this year is five percentagepoints lower than it was last year. Boutique banks, by contrast, have won their highest shareever, at 15%. Both long-established small outfits such as Rothschild and Lazard, and newerones such as Evercore Partners, have seen their business expand. But Moelis Company made the biggest splash, briefly becoming one of the top ten banks in the M Abusiness in America. Mr Moeliss firm helped Anheuser-Busch, an American brewer, sell itselffor $52 billion to Inbev of Belgium, and helped Yahoo!, an internet portal, see off a takeoverbid from Microsoft, a software giant.

　　的確，截至目前大佬們在全世界并購和收購商業的市場份額下滑了5個百分點，而與之鮮明對比的精品小投行則贏得了史無前例的15%。無論是Rothschild 和Lazard這些設立已久的小機構還是諸如EvercorePartners這樣的新機構，他們都看到了業務的迅速擴張。但莫里斯公司還是引發了最大的轟動，他曾暫時雄踞全美并購和收購業務前十名。莫里斯的公司幫助美國啤酒釀造商安海斯布希以520億美元將自己出售給比利時的英博公司，幫助互聯網門戶雅虎抵制了軟件巨頭微軟的收購。

　　In the immediate aftermath of the crisis, the big banks resembled patients coming downfrom ether to Mr Moelis: Everyone awoke to find that profits generated from leverage andcasino-like bets made with the banks own capital were just illusions. Small banks were ableto win lucrative advisory mandates and hire talented bankers from their dazed rivals. MrMoelis picked up some big names, including Mark Aedy, a former star at Merrill Lynch. In lessthan two years he has expanded from ten employees in New York and Los Angeles to 230 insix different cities.

　　在金融危機的余波中，對于莫里斯來說那些大銀行門就像剛從乙醚中蘇醒的病人：每個醒來發現，用銀行自己的資本金來從杠桿交易和賭場般的交易中賺取利潤只是幻想。小投行可以贏得有利可圖的咨詢委托，并從暈頭轉向的對手那里雇到優秀的銀行家。莫里斯列舉了一些如雷貫耳的名字，包括美林的創始人MarkAedy。在不到兩年的時間里，他已經將在紐約和洛杉磯的10名雇員擴大到6個不同城市的230名雇員。

　　Although the sudden seizure of the credit markets and the subsequent swoon of the economyafflicted the titans of the industry most severely, it is now beginning to affect boutiques too,as mergers dry up. But Mr Moelis has already experienced such a drought, during therecession of the early 1990s, when he was head of investment banking at DLJ. At the time,rather than wait for M A deals to return, he decided to build expertise in loanrestructuring, to win business advising the many firms that were struggling with their debts.DLJs restructuring group became the market leader and Mr Moelis learned that When youhelp a client in trouble, you have a client for life. So he has repeated the trick at Moelis Company as the economy has soured: restructuring now makes up half its business.

　　盡管信貸市場的休克和隨后經濟的暈厥曾經嚴重折麼了這個行業的巨頭們，現在隨著并購業務的枯竭，它也開始影響精品小投行。但是早在1990年代初期的衰退中，時任DLJ投行部門負責人的莫里斯就經歷過這樣的大旱。當時，與其干等著并購收購交易回暖，莫里斯決定在債務重組領域建立專家團隊，通過為眾多受困于債務的公司咨詢來贏得生意。DLJ的重組團隊成為市場的先導，莫里斯也學到了當你在客戶陷入麻煩的時候幫助了他，你就贏得了一個終身的客戶。因此在經濟低迷的時候，他又在莫里斯公司舊計重演，目前重組占了公司業務的半壁江山。

　　Mr Moelis knows he will have to remain nimble while expanding his firms offerings. Thisweek Moelis Company announced the opening of an Australian office that will focuson Asian deals. Plans are also under way to underwrite securities and develop a tradingplatform. He hopes the latter move will address a shortcoming of many boutiques: theirinability to access capital markets. Mr Moelis has also hired risk-advisory experts to helpclients comb through the arcane financial instruments sitting on their books.But he is quick to point out that he will not do any proprietary trading or expand into otherfields that could lead to conflicts of interest.

　　莫里斯深知在擴張業務的同時一定要保持機敏。這周莫里斯公司宣布在澳大利亞開設一家專注于亞洲業務的分支機構。他計劃承銷證券并開發一個交易平臺。他希望后者能夠應對許多小投行的不足：他們無法進入資本市場。莫里斯也雇傭了風險咨詢管家來幫助客戶梳理帳面上那些神秘的金融工具。但是他又迅速指出，他將不會做任何自營交易或者將業務擴展到那些可能導致利益沖突的領域。

　　Battle with the bulge

　　逐鹿群雄

　　Mr Moelis concedes that his firm is unlikely to keep growing so quickly. Just as the crisisprovided an opportunity, the recovery is posing a threat as big banks recapitalize andprepare to wrest business back from the boutiques. Worse, talented bankers from fallengiants such as Lehman Brothers and Bear Stearns are now setting up their own boutiques,further stiffening the competition. Moelis Company fell to 82nd in the most recentM A league tables. That decline, although offset in part by restructuring work, showshow transient success in investment banking can be.

　　莫里斯承認他的公司不可能一直這樣快速發展。正如危機提供了機會，復蘇也給小投行帶來威脅，那些大投行們重組資產后準備從小投行那里搶回生意。更糟糕的是，那些倒下的投行如雷曼兄弟和貝爾斯登里銀行家們現在也在創辦自己的小型投行，這更加劇了競爭。莫里斯公司在最近的并購收購排行榜中落到了第82位。這種下滑盡管可能部分由于重組業務，但是也顯示了投行業的成功是多么短暫。

　　Mr Moelis has proved adept at surviving crises, but the banks he has worked for have not allbeen so fortunate. Can he build a bank that will outlast him? He is convinced that newideas and agile management will allow Moelis Company to flourish. But his owncareer shows just how easily banks can come and go, in large part because bankers do too

　　莫里斯從金融危機中的幸存證明了他的老道，但是他所服務過的銀行們卻并不都那樣幸運。他能夠建立一個比他活得更久的銀行么?他堅信新思路和管理的靈活性會使莫里斯公司蓬勃發展。但是他自己的職業生涯卻顯示了銀行是多么容易轉瞬即逝，而這多半是因為銀行家也是這樣做。