The Washington Post: Goldman Sachs Twin Partners Scialla Depart for Real Estate Firm
March 20 (Bloomberg) — Paul D. Scialla and Peter E. Scialla, 39-year-old twins who had been partners at Goldman Sachs Group Inc. since 2008, left the firm last week to focus on a real estate company that Paul created while at the bank.
Paul, who worked at New York-based Goldman Sachs since 2003, founded Delos Living LLC in 2007, according to its website. Callie Shumaker, a Delos spokeswoman, said the twins left Goldman Sachs “to work on Delos” and that they weren’t available for an interview.
Paul “led the charge from the beginning” at Delos, said Dolly Lenz, vice chairman at Prudential Douglas Elliman Real Estate, who joined Delos’s advisory board at his request. “Now, instead of potentially getting him for 20 hours a week, we’ll get him for 100 hours a week.”
At Goldman Sachs, Paul was most recently co-head of U.S. interest-rate products cash trading, according to a memo from Isabelle Ealet and Pablo J. Salame, co-heads of the securities division. Peter, who is listed as a partner on Delos’s website, worked at Goldman Sachs for nine years and was head of U.S. volatility trading, a separate memo said. Michael DuVally, a spokesman, confirmed the memos’ contents.
Goldman Sachs, the fifth-biggest U.S. bank by assets, relied on sales and trading for 53 percent of revenue last year, according to the company’s annual earnings report.
The Sciallas’ names were added to Delos’s website yesterday after Bloomberg News sought information about their involvement with the company.
Delos Living designs homes, offices and hotel rooms that promote “wellness,” according to the website, which shows that the company’s “Delos Stay Well” project has been introduced in some rooms in Las Vegas’s MGM Grand Hotel. The firm focuses on improving domestic air, lighting and water quality, as well as a residence’s “psychological impacts,” according to the website. “We are redefining the meaning of luxury.”
The Delos advisory board includes former U.S. Representative Richard Gephardt, a Missouri Democrat, Virginia gubernatorial candidate and ex-Democratic National Committee Chairman Terry McAuliffe and Mel Martinez, the former Republican U.S. senator from Florida and secretary of the U.S. Department of Housing and Urban Development under President George W. Bush.
The board also includes author and doctor Deepak Chopra; Nicholas LaRusso, the medical director of the Mayo Clinic Center for Innovation; and Michael Roizen, chief wellness officer of the Cleveland Clinic.
The company, which donated $400,000 to the Clinton Global Initiative’s efforts to build 200 homes in Haiti, was featured last year at an event hosted by former President Bill Clinton.
The alumni magazine of New York University’s Stern School of Business published a profile of Paul Scialla in 2011 that said he and his brother were the first twins to make partner at Goldman Sachs at the same time.
“He is an extraordinarily compelling figure,” said Lenz, who said she advises on the development of properties and isn’t paid for her role on the board. “I would compare him to the same kind of passion that Steve Jobs had, where there are no naysayers.”
–With assistance from Max Abelson in New York. Editors: Dan Reichl, Steven Crabill, Peter Eichenbaum