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HL RX is going to be the best group there; HL also has a solid power and utilities team based there. HW has a consumer team. Lazard is only MM and should not be compared to other LAZ offices. Also a few smaller regional shops to consider (Hennepin, TripleTree, Cherry Tree)
Culture is going to be better at these offices than most NYC counterparts. Have heard the HL team is a very chill office (shorts and t shirts), but quite sweaty so you'll work for it.
What’s Lazard’s reputation been like the last 10 years? I heard they have lost some senior bankers there. Is the amount of talent at Lazard MPLS the same as a houlihan per se? What direction do you see those firms going in in the next 10 years?
For Laz the reputation of the MM group is quite a bit different. As I mentioned it's a completely different business model. They seem to do fine and compete with most MMs you've heard of. Would give HL the edge on talent, especially for RX.
HL RX is a bunch of beauties. You will get worked like a dog though
How is Houlihan CF in Minneapolis? Does CF work as much as RX or not really close. How do they stack up?
Yes, they still grind hard in CF for the Industrials group
All grind on people and certain groups are frequent 90-100 hour weeks (Piper HCIT, Laz Food)
HL - best overall office in terms of deal quality, reputation, etc. Rx and Industrials.
Piper - largest office with some major teams (Medtech, HCIT, Industrials) that compete well in the MM and beyond (Medtech competes against BBs)
Laz MM - still have some very strong senior bankers, but lots of recent turnover and that office is bound to get wound down in the next few years based on who else is likely to retire. Laz parent has no interest or commitment to sub-$1B deals.
HW - competitive in consumer (mostly Food & Bev) and seems to be growing its presence, though not rapidly. Seems like a good long-term place to be.
BMO office is basically dead at this point. Will likely be shuttered within a year or two. Then you have boutiques after that.
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I’ll just tweak slightly with HW minny is exclusively food (no other parts of consumer and no bev) and has been so for the better part of a decade
Is there a cultural problem at Laz that is driving the turnover? Not the first person I’ve heard this from. Met with a few of them (idk if they’re still there now) and they seemed okay. Really preached about how they have a “Midwest culture”, not big on face time, etc.
Anyone know anything ab HL Minneapolis Industrials?
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3 MDs, 2 really focused on Industrials - mostly distribution deals. Typical egos, but not stuffy. Good deal flow and mostly selling sponsor-backed assets.
I’ve heard good things from friends at TripleTree (Healthcare-focused). They get worked like a mule but have great exit ops (mid-top tier PE, UHG Corp Dev, UHG CorpFin, etc.). Their Avg. deal size is ~$700m with a few per year exceeding $2-3bn. They recently (in past 2 years) have had a $7-8bn transaction.
Not to put down TT in any way, but if you wanted UHG corp dev why would you not just join as an analyst? The whole selling point of that group is (or used to be) that you’re part a true executive fast-track program where you are promoted at an insane pace, and joining early would presumably give you a better shot being noticed by senior folks. Maybe this has changed in recent years though.
That's skewed heavily towards deals they are Co-advisors on. The ones they lead are lower, particularly on a median basis. They are a solid shop in HCIT, but have struggled with the downturn, similar to others (e.g., Blair, Piper). I've always felt comp was below street, but no idea how that's changed after Capital One. Talk about a weird relationship - TT gets literally nothing from Capital One, but provides a lot. I'd be shocked if MDs stuck around more than another year or two.
Also, UHG Corp Dev is atrocious. You work banker hours for half the pay. Not a place anyone should want to be unless you can't make it in IB.
I believe comp at UHG has now been made competitive in the last few years. Was a huge issue but they finally patched it.
Colliers securities
I can’t believe someone cruised in here and said getting taken to the cleaners at UNH is a great exit opp. Bananas
Unreal corporate development team, though. Absolute machine and arguably the best corporate development team on the planet
Outside of laughing at the UNH exit opp comment, someone did give good perspective around a lot of MPLS IB groups being a grind across firms. Probably a testament to the strength of the groups across all the banks that have people sitting up there.
Healthcare groups in particular see a lot of activity. Minneapolis is underrated relative to all the large cap strategics that have a heavy presence in the metro (3M, UNH, Medtronic, CAH)
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