Former House Majority Leader Eric Cantor has joined a New York investment bank Moelis & Company as vice chairman and managing director.
The Virginia Republican resigned from Congress last month, about two months after his stunning defeat to college professor Dave Brat in a Republican primary in the Old Dominion's 7th District.
Cantor has always had a close relationship with the New York financial community, and many had predicted the long-time politician would land with a firm like Moelis.
"In his new role, Mr. Cantor will provide strategic counsel to the Firm's corporate and institutional clients on key issues. He will play a leading role in client development and advise clients on strategic matters," read a press release from Moelis & Company, announcing Cantor's hiring.
A former senior aide to Cantor said the move is a perfect fit for the former lawmaker, allowing him to contribute to the day-to-day activities of his new firm in a real way but remain firmly entrenched in national politics.
"He didn't want to go into lobbying or simply be a figurehead somewhere," this source said. "He wanted to find a place where he could continue to do what he does best, strategize at the intersection of policy and geopolitics on a daily basis. Moelis gives him that opportunity. And, of course, he wants to remain engaged in the political debate, and they are encouraging him in that effort."
Moelis' website describes the firm this way: "Moelis & Company is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. We offer a better way to support our clients by providing uncompromised advice and world-class solutions that create lasting relationships."
Cantor said in a statement that Moelis is a great fit for the next chapter in his professional career.
"I wanted to join a firm with great entrepreneurial spirit that focused on its clients," he said. "The new model of independent banks offering conflict free advice in a smaller more intimate environment, was a place where I new my skills could help clients succeed."