The Moelis Australia Ltd (ASX: MOE) share price is up 6% so far today and it has risen by 14% over the past month.
Moelis Australia is an investment bank, it competes with the likes of Macquarie Group Ltd (ASX: MQG) on the local stage.
It has advised on over $100 billion of corporate advisory transactions, helped clients raise more than $7.8 billion in equity capital markets and it has a fast-growing assets under management (AUM) division.
Indeed, in its latest AUM announcement a month ago it said that it had grown AUM to $4.7 billion after announcing that a Moelis Australia managed investment vehicle had entered into an agreement to acquire a 50% interest in the Westfield Marian Shopping Centre, South Australia for $670 million, one of the largest retail transactions in 2019.
A week ago Moelis announced that it had exchanged contracts to acquire The Beach Hotel in Byron Bay for $104 million. It will be the sole asset of a new investment fund which will offer ‘sophisticated’ investors the chance to invest in the iconic asset. Settlement is expected to occur in February 2020.
Moelis continues to grow its AUM that increases its recurring asset management fees. Underlying revenue and profit increased by double digits in the half year result and could do well in the full year result too.
Moelis Australia is one to watch because it could keep attracting investors looking for alternative places to invest their money for good returns. Moelis Australia has a decent grossed-up dividend yield of 2.3%.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.