Macquarie Banker Jorge Mora Leaves Amid Legal DisputeBy
Jorge Mora, head of U.S. financial sponsors at Macquarie Group Ltd., resigned from his post and is in the midst of a legal dispute with the bank, according to people familiar with the matter.
Mora started negotiating his departure at the end of last summer after about five years at the Australian investment bank, the people said, asking not to be named because the matter is private. Mora has since left and is in arbitration with Macquarie for undisclosed reasons, the people said.
Macquarie hired Mora in 2011 to run its U.S. financial sponsors group and made him vice chairman last year. In 2015, Macquarie broke into the top 10 bookrunners for annual U.S.-leveraged buyout lending -- a key performance metric for financial sponsors coverage -- according to data compiled by Bloomberg.
Reached via telephone, Mora said that while his departure from Macquarie wasn’t amicable, he wouldn’t comment on the dispute.
“I am very proud of what we achieved in my five short years at Macquarie,” Mora said. He plans to leave banking to focus on opportunities in Cuba, where his family is originally from, as well as non-profit work and his investment in a wine and spirits business.
“Most of my team is still at Macquarie, and I have some other close friends still working there. I wish them all well,” he said.
A spokesman for Macquarie declined to comment.
One private equity executive who asked not to be named described Mora as a key contact, and someone who was well-regarded and well-connected among sponsors. Having worked at a Latin American buyout firm early in his career, Mora had a first-hand familiarity with private equity that was valuable among sponsors, another person said.
Early in his career, Mora worked in the mergers and acquisitions team at Donaldson Lufkin & Jenrette and at Argentinian private equity firm Exxel Group. He spent more than eight years at UBS Group AG and later moved to Lazard Ltd., where he headed up the bank’s financial sponsors team.
Macquarie has been a bookrunner on 11 leveraged-buyout deals credited with $850.8 million so far in 2017, according to data compiled by Bloomberg. That includes pieces of deals including Optiv Security LLC, which Blackstone Group LP sold to KKR & Co., and Innocor Inc., which was bought by Bain Capital.
Macquarie’s financial sponsors group sits in a unit of the bank called Macquarie Capital.