Former House Majority Leader Eric Cantor has been appointed as vice chairman and managing director of a New York-based investment bank Moelis & Co (NYSE:MC). Cantor, who was the No. 2 Republican in the House, was defeated by a conservative challenger in the Virginia primaries in June, and stepped down from his post last month.

The 51-year-old Cantor will also serve on the board of the firm beginning this week, the Wall Street Journal reported. Ken Moelis, founder of the investment bank, said, in a company statement, that Cantor has been hired for his "judgment and tremendous experience" and added that Cantor will advise the firm on regulatory and policy issues from Washington. Cantor will reportedly open a new office for Moelis in Washington.

“When I considered options for the next chapter of my career, I knew I wanted to join a firm with a great entrepreneurial spirit that focused on its clients," Cantor said, in a statement released Tuesday by Moelis, adding: "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 was reportedly among the favorites to succeed John Boehner as House speaker once the Ohio Republican steps aside. He was also known as a link between the Republican Party and Wall Street, and had formed ties with several large companies, especially in the financial sector, according to the Journal. Since 2012, Cantor had raised nearly $1.4 million from financial firms and their employees, including from companies like Goldman Sachs Group Inc (NYSE:GS) and The Blackstone Group L.P. (NYSE:BX), the Journal reported.

"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,” Moelis said, in the statement.

The investment bank went public in April and since then its stock has grown nearly 40 percent, and is currently valued at nearly $2 billion.