US News

Eric Cantor to join boutique Wall Street firm

If you can’t make it in Washington, there’s always Wall Street.

Eric Cantor, the former House majority leader, has joined boutique investment advisory firm Moelis & Co. to advise on mergers and regulation — and pad his paycheck in the process.

The Virginia Republican, defeated in the primary election by a Tea Party candidate, starts at Moelis on Sept. 3 as vice chairman and a managing director, according to a regulatory filing on Tuesday.

He’s guaranteed to make at least $1.2 million next year, according to the filing.

This year, he’ll make $400,000 in base salary, plus another $400,000 bonus, and $1 million in stock that he’ll be able to fully cash out on after five years, the filing says.

The investment bank is also paying for a year of Cantor’s apartment and hotel fees.

Moelis is a relatively small but fast-growing investment advisory firm, with seven offices worldwide and 500 employees.

Cantor will open an eighth office — in Washington.

“The new model of independent banks offering conflict-free advice, in a smaller more intimate environment, was a place where I knew my skills could help clients succeed,” Cantor said in a statement.

Cantor, 51, resigned from his Washington leadership position on July 31 after a stinging defeat to economics professor and Tea Party neophyte David Brat.

At the time, he was seen as a potential successor for Speaker of the House John Boehner.

The news was met with skepticism from reform advocates.

“New #Moelis takeover adviser Eric #Cantor is opening a DC office, ya know, where all the M&A happens,” the pro-regulation group Better Markets wrote on Twitter.

“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions,” Ken Moelis, the company’s CEO, said in a statement.

Moelis — which has advised on deals like the acquisition of Nuveen Investments by TIAA-CREF — saw a 37 percent jump in its compensation in 2013 from 2011, to about $264 million, according to regulatory filings.

Shares of Moelis & Co. fell 1.1 percent on Tuesday, to $35.90. It is up 37 percent since its April 15 initial public offering.