Finance

Ex-Goldman Sachs dealmakers’ boutique pays London staff $10.2m after bumper year

A boutique investment bank started by a group of former Goldman Sachs bankers more than doubled profit in the UK last year and has ramped up pay to more than $10m.

Ardea Partners’ international business booked gross profit of $35.6m for 2021, according to accounts filed at Companies House on 10 June, up from $16.6m a year earlier.

The New York-headquartered firm was kick-started by a group of former senior Goldman Sachs dealmakers and has continued to attract big-name bankers since its launch in 2016.

It employs just 13 people within its London-based operations — up from 11 a year earlier — and paid out $10.2m in compensation last year. This is an average payment of around $785,000 — up from $636,300 in 2020, or an increase of 23%.

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Meanwhile, its five partners for the operation in London — which include former Goldman Sachs executives Glenn Earle and Nigel Robinson — shared $23.1m in profits, with the highest-paid member taking home $5.8m. This compares with a payout for its senior bankers of $8.1m in 2020.

The latest big-ticket hire at Ardea Partners in London was Julien Petit, Goldman’s former head of financial institutions investment banking, who joined in October 2019.

However, the boutique is headed by a number of former senior Goldman Sachs dealmakers including Chris Cole, its chair who was once the global co-head of investment banking at the US bank. Ardea’s chief executive, Don Truesdale, who was previously a senior financial institutions banker at Goldman, is also among the senior staff, as is James Del Favero, who led cross-border mergers and acquisitions at the US bank until 2016, and Ivan Ross, a former partner in the US bank’s corporate finance solutions group.

Earle, who leads Ardea’s London operation, was previously chief operating officer for Goldman’s international business.

To contact the author of this story with feedback or news, email Paul Clarke

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