What are the "top" MM investment banks in Canada?
Freshman student at a Canadian target here. I know many shops in Canada are primarily focused in the LMM - MM space outside of the Big 5, and most larger banks are trying to establish a presence in the MM with their Mid-Market M&A teams. What MM firms have good deal flow and reputations in the industry from your experience?
Also, are there any MM shops to avoid that have bad reputations for sweaty hours and bad culture?
Big 6 all operate in the MM so probably them + canaccord
Big 6 MM teams do not have a good reputation, provide minimal training, and they do not pay well. I would rather work at Cormark where you get the IB experience, and could get paid what you would make at BMO IB in a good year. You will also never work on an IPO in a mid-market team at a bank
Plus Raymond James.
Canaccord by a country mile, then maybe Raymond James or Cormark? On the Big 5 MM teams, they don’t pay IB money as an FYI.
Would you consider Stifel to be a solid MM? I’ve heard they have worked on some of the largest mining deals in Canada over the last two years
It was the best MM in Canada when it was GMP, even beating out the big banks on deals in mining, and even tech (Eg Blackberry). After the acquisition they lost most of their good talent to places like Canaccord.
It’s not a bad shop, still up there, but nowhere near where it was. Mining deals they did in the past two years would be GMP legacy relationships that aren’t sticky to Stifel as a brand. There is some other thread talking about a weird bonus structure they’re implementing too.
What are your thoughts on Cormark? Is it a good firm reputation wise on Bay St?
It's decent to lateral to B5
what deals would you consider as MM by Canadian standards?
I’d rank Canaccord above CIBC, Scotia, and national based off exits, comp, and deals
Didn’t they just axe 10% of their IB group in Canada?
Apparently not the DIG and metals team, other teams like ECM
Not a single person I know would take Canaccord over a big 5 + national
What is a Canadian target?
I would imagine its referring to Queen's Commerce, Western Ivey, or McGill Management. The Target/Non-Target thing isn't really real in Canada, if you want to recruit to the US then it matters a bit more.
semi-target definitely a real thing here
Ivey being target is definitely real, also selection bias
There are definitely target schools in Canada.
I would say it's easier to break in from non-targets, but I think that's because in Canada, while our best schools don't compare to America's best, our worst are vastly superior to the worst in America.
I think Michigan has more universities than all of Canada.
There are fairly smart people at every school in Canada, and I've met plenty of people who attend brand name schools in the US and I was frankly kind of shocked as I had much higher images of their capabilities in my head.
bump
Bmo is the largest in the MM space, followed by RBC in Canada. Comps are similar to commerical banking since MM tends to be under the commercial banking platform. Let me know if you have any questions.
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