Ex-Goldman Sachs dealmaker boutique pays London workers $10.2 million after report yr

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A boutique investment bank founded by a group of former Goldman Sachs bankers more than doubled profits in the UK last year and boosted salaries to over $10 million.

Ardea Partners’ international business reported gross profits of $35.6 million for 2021, according to accounts filed with Companies House on June 10, up from $16.6 million a year earlier.

Headquartered in New York, the firm was created by a group of former senior dealmakers from Goldman Sachs and has continued to attract big-name bankers since its inception in 2016.

It employs just 13 people at its London-based operation – down from 11 last year – and paid out $10.2 million in compensation last year. That’s an average payment of around $785,000 — up from $636,300 in 2020, or a 23% increase.

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Meanwhile, his five partners for the London operation – including former Goldman Sachs executives Glenn Earle and Nigel Robinson – shared $23.1 million in profits, with the highest-paid member reporting $5.8 million took home. This compares to a payout for its senior bankers of $8.1 million in 2020.

The most recent addition to Ardea Partners in London was Julien Petit, Goldman’s former head of investment banking for financial institutions, who joined in October 2019.

However, the boutique is run by a number of former senior Goldman Sachs dealmakers, including Chris Cole, the chairman who was once the global co-head of investment banking at the US bank. Ardea CEO Don Truesdale, who was previously a senior banker for financial institutions at Goldman, is also among the senior staff, as are 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 heads Ardea’s London operations, was previously Chief Operating Officer for Goldman’s international business.

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