News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

Ex-Goldman Sachs bankers’ boutique ups UK pay despite 16% revenue drop

Average payouts for Ardea Partners’ 15 UK employees jumped 14%

Ardea Partners increased pay and has hired a big name dealmaker, but has not been immune from the M&A drought
Ardea Partners increased pay and has hired a big name dealmaker, but has not been immune from the M&A drought Photo: Mike Kemp/In Pictures via Getty Images

A boutique investment bank started by some top dealmakers at Goldman Sachs saw revenue in its UK operations drop 16% last year as it struggled against an M&A slump that hit its larger rivals.

Ardea Partners, led by former Goldman dealmakers Chris Cole and Don Truesdale, unveiled revenue of $21.2m for 2023, according to results posted on Companies House on 1 May, down from $25.4m a year earlier and $35.8m in 2021.

WSJ Logo