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Lorraine Tarabay, who replaced Mordaunt as chair of the Museum of Modern Art in 2020 and worked with him at Barclays, says his emails begin at 5 a.m.
By the time she arrived at the office, Mordaunt was already sifting through the morning’s newspapers.
“The thrill of the deal is what fuels him,” Tarabay says.
“He’s a smart businessman. Some people may be offended or find him offensive, but that’s his business hat.” This hat was worn by Qantas’ Vanessa Hudson. CEO, predecessors Alan Joyce and Geoff Dixon, Origin chairman Scott Perkins, former Ansett, Cathay Pacific and British Airways presidents Rod Eddington and Lachlan Murdoch. It is a hat that continues to maintain the trust of customers.
Lorraine Tarabay and Simon Mordaunt at their home in Point Piper, Sydney. Louis Dovis
When Mr Eddington and Mr Mordaunt met, the banker was advising Singapore Airlines on a deal for the beleaguered Mr Ansett. That effort failed, and Ansett filed for bankruptcy in 2001. But Mr Eddington became close to Mr Mordaunt and appointed the veteran banker in 2004, when British Airways decided to sell its stake in Qantas.
As any good banker will attest, relationships are the best currency. But people who have dealt with Mordaunt say he is polarizing, which makes it difficult to open up to him. Another person at the helm of an investment bank describes Mordaunt as an “acquired hobby,” but agrees that in the narrow banking world, success often comes with criticism.
Mordaunt agrees, saying: Australian Financial Review That accomplishments can be followed by jealousy and criticism.
“When we specialize in takeover defense, we end up pissing off people on the other side. It’s not the intention, but it’s the result. It’s no wonder we get criticism of us. We get the same amount of praise. I hope there is,” he says. “You don’t go into this business to make enemies, but you don’t want to be in this business where people are trying to scam you.”
Simon Mordaunt recalls advising Oil Search during a difficult period in 2015. Oil Search had just rejected an $11.6 billion takeover offer from Woodside Petroleum, which was advised by Gresham Partners and Bank of America.
Peter Coleman, Woodside’s chief executive at the time, said negotiations barely got beyond the chairman’s level. Mr. Woodside was enthusiastic, but Mr. Coleman said he did not have access to the data room. He laments that information leaks to the media and Oil Search’s somewhat intransigent attitude have deterred oil companies.
In just 11 days, the takeover attempt was thwarted, the meeting was canceled, and Woodside was embarrassed.
“I’m sure the people at Woodside weren’t happy with our approach because they thought they were getting Oil Search on the cheap,” Mordaunt says of the disastrous acquisition.
“If we cut off someone’s toe, as long as it benefits our client, we have achieved the right result.”
Santos ultimately merged with Oil Search in 2021, but ironically Santos and Woodside are currently considering a merger. financial review Reported in December.
Simon Mordaunt has often been in the public eye through his banking, art, or his glittering property portfolio.
He is on the boards of New York’s MoMA PS1 and London’s Tate, and raised the bar for philanthropy in this country by donating $15 million to the MCA in 2010, which he served as chairman for 10 years. He took the lead in naming the museum after this museum. couple.
Tarabay, who describes Mordaunt as “an all-or-nothing kind of guy,” says art brings out a different side of the man. “The world of art nourishes Simon. It cleanses his soul…He doesn’t just write checks. He rolls up his sleeves and keeps nonprofits afloat.” she says.
While there is no doubt that Mr. Mordaunt has been generous to MCA, his long tenure on the board did not end with a financially stable organization. With funding short and costs continuing to rise, museum director Suzanne Cotter is considering introducing an admission fee for the first time. The museum is already closed on Tuesday, but more closing days may be imminent.
Rivals have quipped that Mr. Mordaunt’s non-banking work has been factored into his self-promotion. And whenever his former investment bank, Caliburn, scores a deal, his rivals joke that the news is sure to make the next day’s headlines, but that’s Mordaunt’s way with the press.
O’Connell said Mordaunt has an “incredibly healthy ego. But not in a heart-pounding way… Does he take pride in his work? Absolutely.” Frankly, every time he speaks, I learn something.”
Mordaunt admits he put “too much pressure” on getting promoted early in his career. He said the reason for this was that he was new to the city and wanted to make his presence felt among corporate Australia. Before his 27th birthday, Mr Mordaunt was one of the youngest partners of stockbroker Aud Minet, but in 1989 he joined Barclays’ investment banking division (then known as Barclays de Zoete Wed). (known) retired.
But today, he insists, “It’s the client who’s in the lens.”
This is a term often used in the investment banking world. Clients come first. But bankers are often the protagonists. There are cash prizes for closing deals, highly scrutinized leaderboards, and an exhaustive list of who’s who in banking.
In a busy profession driven by bonuses, bankers are incentivized to ignore their own services. They are adversarial negotiators and regularly go toe-to-toe with rivals in search of a payday. And in his more than 40-year career, Mordaunt is well-versed in the art of closing deals.
In the midst of the COVID-19 pandemic, Qantas’ then-chief executive Alan Joyce turned to Mordaunt for advice. The airline had raised $1.9 billion in equity, with funds circling the beleaguered company’s stock.
Joyce said Mordaunt worked through the night from Italy to advise airlines on their 2020 deals.
“If I hadn’t seen him in action during the equity raise, I probably would have worried that he was overseas. He was available whenever we needed him. ” says Joyce. He was Jetstar’s chief executive and met Mordaunt when Qantas was considering selling part of its low-cost carrier.
Mr. Mordaunt’s level-headed demeanor appeased Mr. Joyce and then-Chief Financial Officer Mr. Hudson, who were impressed by his dealings with the bankers taking orders for trades. “He would push back, but he wasn’t aggressive. If something wasn’t going in a direction that he didn’t think was right, he spoke up,” says Joyce.
Amid the rush of hedge funds, Mr Mordaunt told Qantas to steer clear of hedge funds in favor of long-term investors who would hold on to the company’s stock at the right time. Ultimately, Qantas has raised the funding it needs to get through one of the most difficult periods in the sector.
In 1999, after 10 years in corporate finance at BZW and the subsequent carve-out of BZW Australia to ABN AMRO, Mordaunt partnered with Peter Hunt and Ron Marek to form Caliburn.
The transition from someone earning a regular salary to becoming a business owner was nerve-wracking. Mr Mordaunt recalls how, in preparing her new venture, she would lick and seal envelopes that Catriona would send to her “officials”, and without her advice she would not have been able to do so. He says he couldn’t make that decision. (They met on a blind date, married six weeks later, and celebrated their 35th wedding anniversary in 2023.) You can’t make decisions like that without your partner’s support, he says.
Eleven years later, Mordaunt, Marek and Hunt sold Caliburn to Greenhill. & Mordaunt left Greenhill in 2014 and returned to the advisory industry at Luminis in 2015.
While lifelong partnerships were forged on this journey, some professional relationships ultimately broke down.
Brett Clegg, a former media executive and board advisor, said: “Over the years he has certainly injured a lot of his rivals in the battle for contracts, He may still be suffering from an injury.”
When Mordaunt left Greenhill, his decision divided the ranks. His co-founder Ron Marek also left with him. Garis, who was a rising star at Green Hill, also left. Another Caliburn alumnus, Roger Ferret, remains at Greenhill and currently represents the country.
Ron Marek, Simon Mordaunt and Peter Hunt in Caliburn in 2001. virginia star
Hunt, who had been with Mordaunt since BZW, left the company after its sale to Greenhill. Mr. Hunt and Mr. Mordaunt’s relationship developed after years of doing business together, people familiar with the pair said. Mr. Hunt left investment banking, fed up with the win-at-all-costs, fee-hungry trading ecosystem, people said.
Mr Mordaunt says he has no problem with Mr Hunt or his decision to leave Company M.&This is a recommendation.
“He left the industry after a very successful career,” Mordaunt said.
“Since then, he has done some extraordinary work in philanthropy, including a focus on Mind Medicine Australia,” Mr Hunt said, adding that he and his wife Tania de Jong have been involved in psychedelic-assisted therapy. Established in 2018.
Mr. Hunt declined to be interviewed for this article.
As for Greenhill, Mordaunt imagines he was “pretty upset” about the decision to walk away four years after the sale. “They paid a lot of money for this business,” he says. “If you are M&As an advisor, you should know that this is a people business. What you’re buying are people going up and down elevators all day long. ”
In 2015, a slimmed-down Mordaunt returned from Italy and boarded Marek and Garris’ boat in Sydney Harbour. While eating sushi, the trio hatched a plan for Luminis. Malek said it was “sealed with a handshake and recorded on one page.”
Opinions about him are divided among investment bankers, but no one doubts Simon Mordaunt’s connections anywhere in the world.
Qantas’ Mr Hudson still looks to Mr Mordaunt for independent advice. Mr. Perkins, who met Mordaunt while working at Deutsche Bank, describes him as “relentlessly insightful” in his dealings.
“He is sensitive to his client’s needs and is a very determined negotiator. I have come to respect him as a banker and I like him as a philanthropist.” Origin The chairman speaks.
A banker and philanthropist in front of a gin still. Alessia Burki
Gin-making aside, the same goes for bankers and philanthropists. He attends monthly Luminis meetings, was involved in the decision to open an office in Melbourne, hire Simon McConnell, another Greenhill alumnus, and works almost daily with Evercore, the company’s international partner and shareholder. I’m talking.
“This is a long-term career. It’s not a sprint. It’s a marathon.”
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