Moelis Australia will seek shareholder approval to rebrand, as its revenues from asset management outstrip the contribution from its original business of investment banking services.
ASX-listed Moelis Australia wants to change the name to MA Financial Group, and change the ticker code to MAF (currently MOE). The asset management business will use the name MA Asset Management, corporate advisory and equities will trade as MA Moelis Australia.
Moelis Australia started as a joint venture with NYSE-listed Moelis & Company in 2006. The investment banking partnership remains unchanged.
In April 23 filings, Moelis said the name change will better reflect its business.
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In FY16 (a year before it listed on the ASX), 75% of Moelis Australia's revenue came from corporate advisory and stock broking services. By FY20, asset management activities accounted for more than 67% of the underlying revenue.
"At 31 December 2020, Moelis Australia managed $5.4 billion of assets, diversified across real estate, hospitality, credit, listed equities, private equity and venture capital asset classes," the company said.
"Moving forward, we expect the proportion of revenue coming from asset management related activities to continue to grow. Much of this revenue is recurring in nature."
Some businesses associated with Moelis Australia will retain their current trading names, including Redcape Hotel Group and RetPro.
The name change will include a new brand and visual identity.
"...The MA name also represents the group's future as a diversified financial services business with a strong focus on asset management activities, alongside our significant advisory and transaction-based capabilities," joint chief executives Chris Wyke and Julian Biggins said.
The annual general meeting, at which the shareholders will vote on the brand change, will be held on May 28.