Kate Pilcher Ciafone
Moelis &About Kate Pilcher Ciafone
Katherine “Kate” Pilcher Ciafone is Chief Operating Officer (COO) of Moelis & Company and a co‑founder of the Firm, age 45, serving as COO since October 2023 with responsibility for global strategy and operations; she holds a B.S. in Commerce (with distinction) from the University of Virginia’s McIntire School of Commerce . Prior to joining Moelis, she worked at UBS (2002–2007) in the office of the UBS Investment Bank CEO/President and as an investment banker in Financial Institutions, and previously served as COO of Investment Banking at Moelis . Firm performance during the most recent year used to assess executive pay included adjusted revenues of $1.2 billion (+40% YoY), adjusted pre-tax income of $197 million, and 1‑year TSR of 37% with an 8% dividend increase—key metrics considered in NEO incentive decisions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Moelis & Company | Chief Operating Officer (Firm-wide) | Oct 2023–present | Leads global strategy and operations; integration of Energy and Clean Technology teams; operational risk oversight with CFO/GC |
| Moelis & Company | COO of Investment Banking | Not disclosed | Led business management and corporate functions within Investment Banking |
| UBS Investment Bank | Office of CEO/President; FIG investment banker | 2002–2007 | Supported executive office; executed FIG advisory work |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MA Financial Group Limited (ASX: MAF) | Director | Not disclosed | Governance and oversight at a listed financial services firm |
| Madison Square Boys and Girls Club | Board Member | Not disclosed | Community engagement and youth development support |
| Partnership for New York City | David Rockefeller Fellow | 2023 cohort | City leadership development and civic engagement |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 400,000 | 400,000 |
| Cash Bonus ($) | 900,000 | 1,210,000 |
| Stock Awards ($ grant-date fair value) | 398,489 | 618,886 |
| All Other Compensation ($) | 20,520 | 19,909 |
| Total ($) | 1,719,009 | 2,248,795 |
Performance Compensation
| Award Detail (Equity Incentives) | Grant Date | Units Granted | Grant-Date FV per Unit ($) | Vesting |
|---|---|---|---|---|
| Restricted LP Units (2023 performance) | Feb 15, 2024 | 10,979 | 56.37 | 40% on Feb 23, 2026; 20% each on Feb 23, 2027–2029 |
| Restricted LP Units (2024 performance) | Feb 13, 2025 | 8,161 | Not disclosed (aggregate award FV $811,465 across LP + LTI LP Units) | 40% on Feb 23, 2027; 20% each on Feb 23, 2028–2030 |
| Restricted LTI LP Units (2024 performance) | Feb 13, 2025 | 2,550 | Included in $811,465 | One-third each on Feb 23, 2028, 2029, 2030 |
| Stock Vested (FY 2024) | 2024 | 8,466 shares | $445,309 realized | Per original award schedules |
- Incentive determination: Moelis uses a discretionary framework based on firmwide performance (adjusted revenues, operating margins, adjusted net income, TSR), performance relative to peers, individual contributions, and risk management; no fixed metric weightings are disclosed . Key 2024 outcomes considered included adjusted revenues $1.2B (+40% YoY), adjusted net income $150M, adjusted pre-tax income $197M, and 1‑year TSR 37% .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Class A) | 3,934 shares; 0.0% of Class A (less than 0.1%) as of Apr 9, 2025 |
| Class B Ownership | None |
| Unvested RSUs/LP Units at 12/31/2024 | 28,314 units; market value $2,091,820 (based on $73.88 closing price) |
| Options | Company does not currently grant options; no option awards outstanding |
| Hedging/Pledging | Hedging prohibited; pledging in brokerage margin accounts prohibited |
| Ownership Guidelines | Company states all NEOs own equity >5x base salary (multi‑year vesting/deferral) |
| Upcoming Vesting/Supply | RSUs from 2019–2022 vest Feb 23, 2025–2027; 2023 Restricted LP Units vest 2026–2029; 2024 Restricted LP/LTI LP Units vest 2027–2030 |
Employment Terms
| Provision | Terms |
|---|---|
| Severance / Golden Parachutes | No severance payments or golden parachutes; no substantive tax gross‑ups |
| Change-in-Control (time-based RSUs/LP Units) | Unvested RSUs/Restricted LP Units accelerate if terminated without Cause or for Good Reason within 12 months post‑CIC; otherwise follow standard acceleration rules |
| Continued Vesting on Termination | If terminated without Cause, for Good Reason, disability, or retirement—unvested RSUs/Restricted LP Units generally continue to vest on schedule, subject to “detrimental activities” carve‑outs; death accelerates |
| Clawback | NYSE/SEC-compliant clawback for erroneously awarded compensation; forfeiture provisions apply to RSUs/LP Units |
| Non‑compete / Non‑solicit | Equity awards include non‑compete and non‑solicit through vesting/delivery (Deferred LP Units subject to non‑compete for undelivered portion); “detrimental activities” include competitive service, client/employee solicitation, etc. |
| Insider Trading Policy | Firm‑wide policy governs trades; prohibits hedging/pledging; policy filed with 10‑K |
Performance & Track Record
- 2024 COO contributions: led global corporate strategy across banking/infrastructure; integrated Energy and Clean Technology teams; oversaw operational risk in partnership with CFO and General Counsel; managed operations and personnel; monitored new business and strategic opportunities .
- Firm outcomes underpinning incentives: adjusted revenues $1.2B (+40% YoY), adjusted pre‑tax income $197M, adjusted net income $150M; capital returns of ~$201M; 1‑yr TSR 37%; dividends $2.45/share with quarterly dividend increased to $0.65 (+8%) .
Compensation Committee, Peer Group & Say‑on‑Pay
- Compensation governance: independent Compensation Committee chaired by Laila Worrell; WTW retained as independent consultant; no guaranteed annual incentives; equity-heavy, five‑year vest/sale restrictions .
- Peer context used (no fixed targets): Evercore, Houlihan Lokey, Lazard, Perella Weinberg, PJT Partners; long‑term returns since IPO outperform peers and indices per proxy narrative (no per‑metric targets disclosed) .
- Say‑on‑pay: 93% approval at the 2024 meeting; extensive shareholder engagement with ~86% of unaffiliated Class A holders in 2024 .
Investment Implications
- Pay-for-performance alignment: Compensation is highly variable and equity‑weighted with 5‑year vesting/sale restrictions, aligning incentives with multi‑year firm TSR/revenue/profitability; absence of severance/golden parachutes reduces “pay for failure” risk .
- Retention and supply overhang: Significant unvested RSUs/LP Units and scheduled vest dates (2025–2030) suggest ongoing retention hooks; potential periodic supply from vesting/redemptions is mitigated by prohibitions on hedging/pledging and deferred delivery mechanics .
- Trading signals: Upcoming vesting cliffs (Feb 23 cycles) for 2026–2030 awards could correlate with incremental insider settlement activity; however, policy restrictions and continued‑vesting conditions upon certain terminations temper forced selling risk .
- Governance risk low: Strong say‑on‑pay support, independent committee oversight, clawback policy, and no options program reduce repricing/headline risks; performance units are used for other NEOs/CEO, but Kate’s awards are time‑based LP units, lowering metric gaming risk .