Guggenheim on the rise??
What do you monkeys think? Where is Guggenheim going? In terms of AM as well as the growing IB division. They recently poached over head of DB Healthcare ECM to help lead a $2.6B IPO as they are now officially full service with capital markets services in February. They do S&T and ER as well, and also brought over Miller Buckfire veterans to head the restructuring arm. The M&A advisory side expertise speaks for itself. Not to mention they are being led by Scott Minerd and Schwartz, and Schwartz said he wont stop until they become the next Bear Sterns.
[My background- I'm a 1st year analyst @ a lower tier BB in SF and have been trying to lateral to Guggenheim for about a month now. Hope to be there soon, i'm a strong believer in the future of the firm and the move makes sense for me as i want to work my way up to senior MD standing and NY is where its at]
Read Article-
(Fortune)
When the bidding began last winter for the Los Angeles Dodgers -- a storied baseball team in America's capital of glamour -- the lengthy list of suitors was predictably studded with bold-faced names. There were TV celebrities like Larry King, baseball luminaries like the former Dodgers great Steve Garvey, billionaire investors such as hedge fund mogul Steve Cohen, and prominent owners of other teams, such as Stan Kroenke of the NFL's St. Louis Rams.
Fittingly enough, the winner was a charismatic superstar with local pedigree: retired Los Angeles Lakers legend Magic Johnson. Or rather, the victors were, as the headlines typically put it, "a team led by Magic Johnson." Sports fans across the country gasped at the audacious size of the triumphant bid: $2.15 billion. That sum obliterated the next highest reported offer, from Cohen, by a staggering $850 million. The difference between the two bids was larger than the previous record for a baseball club: $845 million for the Chicago Cubs in 2009.
The team "behind" Magic Johnson -- Guggenheim Partners -- turned out to be the main force in the deal, and the eye-popping Dodgers acquisition has been only one of a handful drawing ever more attention to the firm. The New York- and Chicago-based operation has been turning up everywhere in Los Angeles. In September, a Guggenheim group spent a reported $370 million for Dick Clark Productions, the company that produces the Golden Globes telecast and So You Think You Can Dance. A few years before, Guggenheim teamed up with other investors to buy seven trade publications, including the Hollywood Reporter.
Lately, Guggenheim has turned its sights on another crown jewel: AEG, which billionaire Philip Anschutz has put on sale for $10 billion. AEG owns the L.A. Live entertainment development, hockey's L.A. Kings, and a global concert promotion division. It also owns the Staples Center, where the Lakers play, and developed the site that is expected to attract an NFL team to L.A. Guggenheim is considered the favorite for AEG, though there are hints, as we'll see, that it may bow out of the bidding.
The secret is out: Guggenheim is a powerhouse on the prowl. What not that long ago was a small office overseeing a venerable family fortune has burgeoned into something much different and much bigger. Guggenheim now manages $170 billion for institutions, individuals, and insurance companies. It runs several hedge funds and an investment bank. Another part -- the one that makes headlines -- is akin to a private equity firm. It gathers investors on a deal-by-deal basis (rather than raising war chests that it can deploy over a period of years) to fund giant purchases such as the Dodgers.
Guggenheim is an anomaly if ever there was one. It's a firm whose name is instantly recognizable to anybody who has ever heard of the Guggenheim Museum and its swirling New York City building, designed by Frank Lloyd Wright. It has hired a coterie of business luminaries, such as former Bear Stearns CEO Alan Schwartz and Cendant founder Henry Silverman, who are familiar figures to readers of the financial press. But it has preferred to operate out of the spotlight and what it does is a mystery to most people.
Its secretiveness is partly strategic and partly a reflection of the reserved, stolid personality of Guggenheim's CEO, Mark Walter. He has focused on managing the rapidly expanding firm, while its more frenetic president, Todd Boehly, has been driving the glitzy new deals. "They want to be the dark horse in the shadows," says a former employee.
But Guggenheim also knows it's growing too large to escape scrutiny. It's one thing to manage portfolios for discreet, wealthy clients. It's quite another to scoop up high-profile businesses with intense fans and media coverage.
And one prominent client -- former junk bond king Michael Milken -- is bringing the firm unwanted attention. Fortune has learned that the Securities and Exchange Commission is investigating his dealings with the firm and whether they violate Milken's ban from the securities industry.
As it attracts more notice, Guggenheim is finally openings its doors -- just a crack -- meeting in February for an exclusive interview with Fortune. Among the crucial questions: Is Guggenheim the latest hot investment outfit looking to flip companies? Or is it shaping up to be something more, a conglomerate with dozens of profitable long-term businesses that aspires to be a sort of Hollywood equivalent of Berkshire Hathaway (BRKA, Fortune 500)? "This is not a company whose plan is to sell everything next week or next year," says Walter, a model of politeness who nonetheless dribbles out information as if he were a parched desert traveler tightly clutching a canteen with its last few drops of water. Observes one consultant: "Everyone is scratching their head a little bit asking, What are they trying to do?"
The Guggenheim family fortune dates back to 1881, when Meyer Guggenheim paid $5,000 for a stake in two Colorado lead and silver mines. Within a few decades his seven sons had amassed huge riches, with operations from the Yukon to Bolivia. They became one of the most prominent German Jewish families in New York, according to the history Our Crowd, well before Meyer's son Solomon gave the Guggenheims a measure of immortality by founding the museum that bears their name on Manhattan's Fifth Avenue.
Like other ultrarich families, the Guggenheims managed their assets through a family office. That operation chugged along until the late 1990s, when a friend named J. Todd Morley proposed transforming the family firm into something bigger and more ambitious. Morley headed a fixed-income trading company and had gotten to know Mark Walter, who ran a multibillion-dollar business called Liberty Hampshire that structured asset-backed securities. Morley advocated combining all three operations.
The new Guggenheim Partners would invest in various forms of structured debt, which were then taking off, and they'd use the name to attract more investors. "We had the idea that a powerful brand would launch our marketing," Morley recalls. The family accepted.
The new entity opened in 1999 with $5 billion under management. Two years later Walter hired Boehly, a former Credit Suisse First Boston banker who brought with him a successful leveraged-finance team that traded loans and junk bonds.
One of Guggenheim's earliest clients was Sammons Enterprises, a Dallas conglomerate that controls several insurers. Today Sammons owns 35% of Guggenheim, whose employees own just under 50%, including stakes of under 10% each for Walter and Boehly. The Guggenheim family retains a small percentage.
Other clients included a passel of small and midsize insurers without the resources to invest their own assets. They benefited as Guggenheim's bond strategies thrived. For example, the core fixed-income accounts run by CIO Scott Minerd -- a former competitive bodybuilder in the superheavyweight division -- returned 7.3% annually from 1999 through 2012.
That stellar performance attracted a flood of assets, especially from insurers. If you tally up the money Guggenheim manages for insurers (including some the firm has now bought), it totals $75 billion today.
Guggenheim's rapid growth in assets under management -- from $5 billion to $170 billion in 14 years -- is a tribute to the steady hand of CEO Walter. Trim and silver-haired, Walter, 52, is the picture of Midwestern diffidence, the sort of dependable guy you'd imagine running your local bank if Frank Capra were making movies today. Walter, who grew up in rural Iowa with parents who never made it to college, avoids the spotlight so assiduously that he confesses that his conversation with Fortune is only his third formal interview ever. He is circumspect and thoughtful.
By contrast, Boehly, a Maryland state wrestling champion in high school, is a whirl of energy. With disheveled hair -- he has a few unruly forelocks he can't tame even at the best of times -- and wrinkled shirts, at 39 he still resembles a boy forced to wear proper adult clothing. "He doesn't look like an executive," says a former colleague. But Boehly's appearance belies his role. He is Guggenheim's chief dealmaker.
Friends say he's a workaholic. Boehly leaves the impression of a supercaffeinated man juggling dozens of projects, interrupting himself midsentence to interject an observation about another deal. He would call friends from Greece at 6:30 a.m. during the European debt crisis to talk about opportunities, oblivious to the fact that it was 11:30 p.m. in New York. "It's nice to have a partner who is working constantly," says Walter with typical understatement.
For all their difference in temperament, Boehly and Walter share one ambition. "These guys want to be billionaires," says a former colleague. And while their roles complement each other -- Walter is the wise older sibling and Boehly the manic idea man -- it is Boehly who is propelling the firm into new terrain. "I don't think Mark was looking to set the world on fire," says someone close to Guggenheim. "I think Todd has helped kind of ignite that."
Boehly is also the person who brought Guggenheim its most intriguing client. Nearly a decade ago he met Michael Milken through a friend. "Milken is an idol of sorts to Boehly," says a former colleague. ("When I was young, I read lots of books on people," says Boehly. "Mike is no more of an idol than Steve Jobs, Ben Franklin, or Mark Twain.") In past years Milken would sometimes speak to Boehly several times a week about markets, companies, and philanpthropy. Boehly is active in Milken's prostate cancer foundation.
The relationship has been lucrative for both men. Milken was an early investor in Boehly's hedge fund. At one point Milken had nearly $800 million invested in various Guggenheim funds and deals. (Milken's worth is $2.3 billion, according to Forbes.) In one instance, Milken and Guggenheim jointly invested in an energy company called Milagro, which says the infusion helped it buy the Gulf Coast operations of Petrohawk Energy for $825 million in 2007.
Milken's settlement with the SEC for his role in the 1980s Wall Street scandals allows him to manage his own money. But he is banned from acting as an investment adviser or broker. Milken violated the ban in the '90s, according to the SEC, when he advised Ron Perelman and Rupert Murdoch on deals. In 1998 Milken settled the SEC's claim for $47 million without admitting or denying wrongdoing.
Fortune has learned the SEC is investigating Milken's relationship with Guggenheim, specifically the question of whether he is violating his ban by effectively acting as a manager of Guggenheim investments beyond his own. The question is: Does Milken provide advice in exchange for some form of compensation? The SEC is looking at a number of transactions that Milken has done with Guggenheim, including the Milagro deal.
Boehly has been subpoenaed by the SEC, and the firm has provided thousands of trading records and e-mails to investigators. The agency has contacted Guggenheim clients about Milken. SEC investigators are in regular communication with Guggenheim, but so far the probe -- which has continued for two years -- hasn't resulted in any formal action.
Walter says, "Mike doesn't have an ownership or managerial role in the firm in any way, shape, or form." A spokesperson for Milken provided a statement noting that with regard to the advice he gave that led to his 1998 settlement with the SEC, Milken had been advised by his attorney that he was permitted to engage in those specific consulting transactions. Today, the statement continued, "he does spend time on his and his family's personal investments, including working with many investment advisors and money managers. He discusses investments with these advisors from time to time, but only as an investor of his own funds and those of his family." An SEC spokesperson declined to comment.
Guggenheim had enjoyed huge success managing assets for insurers. Eventually Walter and Boehly found themselves with a new opportunity: to buy some underpriced insurers. That also offered a bonus -- they could gain even more investing capital. They'd be able to tap the "float," the billions insurers hold in between receiving premiums and paying out claims. Warren Buffett has become fabulously rich doing this.
Guggenheim had been cautious enough to avoid the cataclysm of the financial crisis. So when disaster struck and asset prices plummeted, it pounced. "When that opportunity came to us," Boehly says, "we were just well positioned."
In 2009, Guggenheim bought Wellmark Community Insurance. A year later it and other investors spent $400 million for control of Security Benefit, and $470 million to buy life insurer EquiTrust in 2011. Last year a Canadian insurer sold its U.S. annuities business to Guggenheim for $800 million. The firm also acquired two companies, Claymore and Rydex, that sell exchange-traded funds.
Guggenheim was building a base of capital to use for potential deals. It wouldn't take long for Walter and Boehly to use it.
These days Boehly is most excited about the potential of live events. Sports, concerts, awards shows -- these primetime happenings, he believes, will continue to draw huge viewership and ad revenue despite splintered TV audiences. "As the world becomes more and more fragmented, and content becomes more and more commoditized, that premium content is only going to be become more valuable," says Boehly.
The Dodgers hit Boehly's sweet spot: a live events business that Guggenheim could buy using its insurance assets and those of its clients. Boehly and Walter had been skeptical when former Braves president Stan Kasten first floated the idea of buying a baseball team.
But when news broke in 2011 that the Dodgers would go on the block, Guggenheim zeroed in on a crucial detail: The team's TV deal was expiring after the 2013 season. Many people believed a new contract might bring in $3.5 billion over its lifetime. Boehly thought that figure was ludicrously low. Every other top L.A. team had locked up TV rights until 2031. Time Warner Cable and Fox Sports were likely to offer huge sums for the Dodgers rights.
Guggenheim put together an ad hoc ownership group (a practice the firm adopted in its early years because it didn't have much capital and then grew comfortable with the process). Walter, Boehly, and a Texas energy investor and client named Bobby Patton each contributed $100 million. Magic Johnson added $50 million, while movie producer Peter Guber kicked in $25 million. The remaining $1.2 billion came from insurance assets managed by Guggenheim.
That news sparked a firestorm in the press, which also mocked Guggenheim for overpaying. How could heavily regulated insurers invest in something as risky as a sports team? Never mind that insurance companies invest with, say, hedge funds all the time. The truth is elite sports teams are historically stable investments: They rarely lose their value and offer dependable cash flows from beer and ticket sales and media rights.
In January the firm enjoyed a moment of sweet vindication. The TV rights once expected to fetch $3.5 billion went for twice that amount. Time Warner Cable (TWC, Fortune 500) is reportedly set to pay $7 billion over 25 years for a new Dodgers sports network, created by Guggenheim, called SportsNet L.A.
Despite that success, Guggenheim may pull out of the bidding for another huge deal -- for the AEG sports and concert conglomerate, whose properties fit right into Boehly's biggest investment theme. Guggenheim has been viewed as the leading suitor. But it has recently backed off, according to people close to the negotiations. The price tag of $8 billion to $10 billion may be too much for Guggenheim to stomach. The situation could change, but right now Guggenheim is no longer the front-runner.
Meanwhile, the firm is still on the hunt for deals. It wants to add insurance assets and bolster its live events business. In January it hired former Yahoo (YHOO, Fortune 500) CEO Ross Levinsohn to lead a new operation that includes its magazines and TV production company. What Guggenheim will do with these businesses over the long-term is still up in the air. Whatever it does, it won't be under the radar any longer.
tl;dr
Where is it going? Right onto this page, the number of times you named GP this is probably the top result on Google.
sorry its a new log-in so i couldnt copy and paste the link, i just wanted to show the article for context so i had to copy and paste
Why are you tired of SF?
honestly im from the east coast, i have friends and family in NY and culturally i fit more into the fast paced NY like than SF at times. pretty much homesick, sounds weak maybe to some but other than the ppl i work with, i dont knw anyone else and its tough to meet girls when im working literally 90-100 hrs/week
I have (edit: had) a friend in Gugg's Nashville office (granted, satellite) and he got laid of several months ago, as were a number of other associates, analysts, and at least 1 MD. That's all the info I have on Gugg though.
Thats rough man soryr to hear that...Asset Management office i'm assuming?
I don't get why people are saying Guggenheim is any good. Here's the thing that matters most when you're an analyst: deal flow. Guggenheim's deal flow just plain sucks.
Deal flow looks like its definitely been picking up though. Only been around for 3 yrs, and has done some pretty large deals with BBs, especially given its size. Personally think they are on the rise for sure...give it some time.
thats what i'm thinking. thanks, i guess time will tell
+1
^ sorry man thats just false. seriously lol i came to post here to ask questions about the future and show some context with the article, not to see haters commenting with no understanding of what the firm is actually doing/has done. if you aren't educated on the firm or their progress, dont waste my time answering.
heres my evidence (they do enormous sized deals as well as upper MM sized one just fyi 'dude')- look at the closed transactions on their website under advisory. enough said.
you are considering lateraling from a BB to Guggenheim investment banking - a mediocre middle market IB shop. it should be obvious that this has nothing to do with Guggenheim PE (which is what your article is about).
they are separate businesses. their respective prestige can be comparable (BX) or wildly disparate (citadel). guggenheim is somewhere in the middle of that spectrum. don't mislead yourself. unless you're at UBS SF (meaning you are now jobless), trying to lateral is pretty stupid.
for perspective, BBs do hundreds of M&A deals globally each year (more than half in the US) plus tons of equity/debt deals.
elite boutiques probably do 50-100 M&A deals a year with identical deal sizes as BBs. guggenheim doesn't come anywhere close to this. i don't know what an appropriate peer group for guggenheim would be but it sure isn't the elite boutiques.
I get your logic, but maybe my logic makes more sense to my own personal situation and thoughts for where they will be in the future.
No, thank god lol not UBS SF, and i wouldnt consider Guggenheim MM. Houlihan is bread and butter MM dealing with companies 25m-300m in EV for their corp fin side (not the rx side, tht side does huge deals) and does strict adivsory. Guggenheim is full service and does deals as low as $100m this is true, but deals as big as $3-4B as well, you can't classify them as strictly MM--> i guess this is similar to the dilemma of what do you exactly classify Rothschild or Jefferies as
Why are you even asking us for our opinion on Guggenheim (which really is a mediocre middle market at best) if you're just going to ignore it? Ask anyone, no one will tell you that Guggenheim > Lower tier BB. Sorry if that's a little hard to swallow.
In fact, looking at Guggenheim's website (www.guggenheimpartners.c om), its coincidentally very similar to another mediocre firm's website (www.piperjaffray.co m)
I'd take Piper over Guggenheim
Haha good, make more room at Guggenheim for me. Dumbshit.
It's a great firm.
Have you seen the new addition to the Guggenheim?
How would you compare Jefferies and Guggenheim?
You wouldn't.
You must really have something against this place man. It's like the 5th fucking time you've posted. No one cares what you have to say anymore. We get that your not a fan....
So I get the idea that Guggenheim is not the best place for IBD, how about its sales trading arm?
First of all, if you have already made to move (I felt that you already did), it is a pretty stupid move to go from BB to a small bank, esp at junior level. I can understand if a senior guy left and went there to be a global head or something.
Secondly, you don't need to wait to see whether a new shop is promising or not.... check out Centerview, the firm's history is shorter but it is kicking major league's ass.
In short, if a startup is promising and has been in business for couple of years, it will be obvious.
Gugg IBD advises on all it's parents deals (including the failed deutsche AM business, $500bn) I can't tell you how many rainmakers they have hired over the past year. I do not work there but every person I have spoken to speaks highly of them especially those that have had interviews (and those that work there). They run a lean shop while loading their ranks. And recently got naming rights to 330 Madison (new headquarters)
This thread is basically people trying to lateral there talkin it up, please circle jerk some more.
nice post, guggenheim sounds interesting
how is guggenheim ranked for equity research actually?
Simple question: why don't you try to lateral to Centerview, EVR, LAZ, Moelis or PWP?
Just saw a bloomberg article that Guggenheim poached Goldman Sachs co-head of Lev Fin Tom Stein.
They have the potential and infrastructure to become a powerhouse, or else why would someone like Stein up and leave GS when he was obviously making a shit ton of money/had lots of power? They recently brought over Vice Chairman of Barcap and some of the group heads as well for C&R from BAML/Barcap.
OP- the firm has a lot to prove but the signs are definitely positive and time will tell. Hard to say what I would have done if I redid recruitment now and had an offer from Guggenheim vs the BB im at now.
Any updates on Guggenheim since the previous post? Is it still sweatshop culture? Any idea what the bottom/mid/top buckets are? Opinion vs PWP, Lazard MM, and Evercore. Heard Evercore's TMT is also sweatshop-like, is that true?
C&R team consistently doing strong core and upper middle market deals. Noticed one of their analysts exited to Freeman Spogli which is top notch
Is Guggenheim an elite boutique? (Originally Posted: 04/22/2014)
I know Guggenheim is very up and coming, but would you consider them an elite boutique? And to preface the conversation, I know they aren't an Evercore, Lazard or Moelis, and I am not comparing Guggenheim to the likes.
Also, if anyone knows, what's a top group there and how would you compare total comp to the bulge brackets and other EBs?
Thanks for all insight
which bank r u at
Mid tier BB, lev fin Also, I'm not asking about whether you agree with a move, just general info on Guggenheim.
They're on the fringe of EB/MM, kind of playing both roles it seems like to me.
Put it this way, they aren't struggling.
http://guggenheimpartners.com/services/securities/all-recent-transactio…
All these deals and roles suck.
You are a moron.
They think they are Goldman though but i like them. They're on the up.
A solid boutique firm, definitely on the upward trend. I wouldn't put them at EB though - at least not yet.
Guggenheim is a great place. Don't worry about what people on this forum classify it as.
No. But that doesn't mean they are not a great shop. They're just not "elite boutique"
So leaving a mid tier BB bank's lev fin group would be out of the question then I'm assuming?
If you are at a BB LevFin group, you should only really leave for PE/HF.
Depends on the exits in your group.
Isn't this the group that is business partners with Magic Johnson?
Yes, they teamed up with Magic to buy the LA Dodgers for ~$2bn in 2012.
The same consortium (Gugg + Magic) is also rumored to be interested in taking the LA Clippers off of Donald Sterling's hands.
From what I gather they have good deal flow in Media & Communications. They are not quite an elite boutique yet.
never heard of it since now. shouldn't be too bad as a bank
Does anyone have insights / experience on their Asset Management arm - Guggenheim Investments? It is a new division spun off from Guggenheim Partners in 2011, managing $200Bn+ funds.
Given their AUM, it seems they are mid-tier fund manager?
Any insights on their culture, pay etc would be highly appreciated.
Thanks!
I don't know much about their AM arm, but their IB work seems strong. They recruit heavily from my school (6 interns out of a class of 17) and all the kids I know who interned there are going back FT.
One thing that I did notice during the info session was that they really emphasize their entrepreneurial environment a lot and focus on making sure their analysts understand why they're doing whatever work they're doing; which is important in my opinion.
Guggenheim Reputation (Originally Posted: 12/03/2015)
Guggenheim is definitely one of the hottest banks on the street. If anything, it could be categorized as an EB and definitely is a heavyweight in lots of things. Its structured finance, healthcare, and TMT groups are among the best, if not are the best, groups on the street, and it's been growing at the fastest pace among its peers (its IBD has grown from 6 people to over 600 in less than 5 years). To give some examples, it was on the Time Warner/Charter, ACE/Chubb, and Cablevision/Altice deals, and is the lead advisor for Pfizer on the Pfizer/Allergan deal announced recently. The culture's fantastic as well, and you get the best of both worlds between a boutique feel and bulge bracket capabilities, and given that it's a private partnership, there's a lot less bureaucracy than what you'd see in a JP or Goldman.
Among the best, if not the best?? please.
I bet you work there.
They're on big deals, but analysts have a hard time getting PE exits; two of my friends lateraled to BBs/EBs because they couldn't get interviews. Reason for this is because they have a pretty big analyst class and not really the M&A deal flow to match it. They've closed 20 M&A deals YTD with an analyst class size matching that of Evercore/Moelis/Lazard which have all closed ~90 deals. They do do a lot of capital markets deals if that's something you're interested in though.
That said, it does have a great culture and you're not gonna get killed there. Pay is above street as well and many analysts go corp Dev if that's a path you're interested in. Would easily take them over DB/UBS and some Citi/BAML/Barclays groups. Wouldn't really put them in the same league as Evercore/Moelis/Lazard and the other EBs though.
The analyst class size only got bigger in the past year or two. So those trying for PE previously werent really affected by this right?
Not sure, those who I know personally were class of 2014 analysts.
nipping on the EB heels. They've worked on some interesting deals recently, such as the Lucasfilms/Disney Merger. Folks I've talked to there indicate that they do much more advisory work than anything else.
They got a piece of the Pfizer Allergan deal. Can't be too bad with that kind of deal.
by piece, you mean lead advisor...
Bump - any more thoughts?
they finished the yr at tenth in US M&A. they are one of the hottest banks and are competing with centerview and Evercore for pretty much all deals
Inside scoop on Guggenheim? (Originally Posted: 10/07/2014)
What is the real story in terms of work/life balance and culture at Guggenheim IBD? I've heard that it is an absolute sweatshop, characterized by frequent fire drills. However, my information is at least a year or two old.
Can anyone give more insight? Do they reqiure face time (are analysts/associates expected to come in on the weekends just to be present)? Do junior bankers get any client exposure or are they stuck in the bullpen?
Anybody? Looked throught the WSO company reviews already.
From what I've heard relatively recently, absolutely brutal work/life balance. Some people are into that.
Bump!
I've also heard the junior bankers get overstaffed, this was in New York.
I think they've had some turnover over the past year, so that might exacerbate staffing challenges.
I'm mostly wondering from an associate perspective. Is everyone typically in the office on weekends? Where I am currently, I am able to manage from home and nobody senior to me cares.
What group?
The WSO database is very stale.
TMT is a massive sweatshop, but you'll have one of the most technically sound experiences on the street.
TMT is a massive sweatshop, but you'll have one of the most technically sound experiences on the street.
I'm thinking of the TMT team. Wondering what life is like for associates and VPs.
My former roomate interviewed there before (not TMT). TMT is indeed a massive sweatshop, however you will learn a lot and arguably have one of the best experiences on the street, not sure if that really matters if you're looking to be a lifestyle associate. Also they paid him ridiculously above street. Heard the other groups were nowhere near as bad (this is 100% hearsay).
PM me if you have more questions.
Guggenheim Partners - Reputation and types of deals? (Originally Posted: 06/19/2011)
Guggenheim Partners: has anyone heard of this firm? Are they mostly known for IM or their IB functions? What's their general rep on the street? What kind of deals do they mostly do?
Basically any info on this firm would be appreciated. Thanks!
I interviewed with them last year for IB. They are mostly guys that left Bear/JPM in TMT (or a synonymous group). From my understanding they are a small player (have seen them on one MM deal), but I could be wrong.
They do a lot of funds mgmt/CLO stuff I believe, but have seen them on some IB deals. It seems like once in a while they get in on a big deal. Alan Schwartz used to be head at BS for what it's worth.
Good firm good people, just haven't snagged any big deals. I believe IB is mostly for large cap media deals and they've had 1-2 in the past 2 years. Known for IM > IB at this moment.
FYI - http://dealbook.nytimes.com/2011/06/22/hulu-hires-advisers-for-potentia…
Guggenheim Partners Information (Originally Posted: 11/12/2012)
Does anyone have any good insight into Guggenheim Partners? I believe this topic was asked but no one seemed to have much information and I am looking at opportunities at this firm. They seem to have some good relationships given some deals >$1Bn including the most recent Disney/Lucas deal, but they appear to be all over the place with deals ranging from $100M - $1Bn+
IBD size...Do they mostly operate out of NY or other large offices as well? Deal Flow? Culture and Comp? Exit opportunities?
Any information would be appreicated.
Interviewed for both SA and FT as part of OCR. They are very selective...at least for my school, which is a non-ivy target, they were looking to hire 1.
Their core product is M&A, but based on my conversations with them they are trying to build out their AM platform more, as well as hire more senior bankers to build out the restructuring, and cap mkts practice. Some of the senior bankers I met were from other boutiques...LAZ/EVR/BX. Needless to say, I was pretty damn impressed especially given the fact that I had NO idea what they did before going through interviews with them.
I wanted to work there badly but was unable to get an offer, granted i do have some info thru networking and speaking with bankers in several offices
IB offices: NY and LA (not sure about Chicago yet, possibility)- note: LA office is just consumer/retail for now with room for growth for other groups as well, NY has more with Media being their best group deal flow: strong, lots of financing, M&A (and great M&A exposure for analysts as they do about 60-70% sell side M&A and 30-40% buyside advisory) Culture: lots of ex- JPM, bearsterns and goldman guys. you'd be among brilliant people and its not a sweatshop by any means Comp: Street (70K base, 50-60K performance bonus) Exit opps: hard to say right now, but would be relationship based from senior guys putting you out there rather than headhunters contacting you
hope this helps :)
had an offer there for FT, seems like a great place. ended up going with another firm for FT but enjoyed the recruiting process at Guggenheim and think they are really growing. All analysts are in the core M&A advisory group working across all industries. Healthcare is growing there as they just hired a lot of guys from Piper Jaffray. I think there is about 7 or 8 in each analyst class and next year there is going to be closer to 15.
So they are growing...
Had superday past September but unable to convert to offer. Great shop. Above post seems accurate based on what i was told at the time.
expanding IB division, comp is street, deal flow seems to be out of LA and NY (see if they post a closed transaction list off of their website for more detail)
forgot to add to above post lol but is this for SA?
Guggenheim: Word on the Street (Originally Posted: 10/05/2011)
Any details on the following would be great! Specifically with reference to IBD:
-Firm's Position/Rankings/Growth Prospects -Reputation -Deal Flow -Comp -Atmosphere/Lifestyle -Negatives
Trying to get a better idea of what the firm is like...doesn't seem to be too much out there.
Thanks in advance!
I know two MDs from Guggenheim...but don't know much about the firm. Even if I asked, they would give generic answers, like great deal flow/lifestyle/etc. But, my perception of them is that they are a solid firm. There are a lot of Bear Stern guys there.
Thanks for the comment -- makes sense with Schwartz at the helm.
Hmm, still looking for some honest color on the other fronts...naturally, MDs would be inclined to speak highly of their firm.
Any analysts out there? Friends of analysts?
Who Knows About Guggenheim Partners (Originally Posted: 04/03/2013)
I'd like to know, is Guggenheim Digital Media a well-connected division of Guggenheim Partners, do you guys exist in the same space or are the divisions off in their own world; Don't say Google it, because we all know we're in this for the engagement and banana points. I'm looking for someone that has someone in their network from Guggenheim Digital Media or is in Guggenheim Digital Media themselves. Connections people. Unless your just general Guggenheim Partners and connected to someone in the DM division, because that works as well.
Guggenheim was the sponsor for a conference organized by me and my frds. During the entire interaction and their speaker's speech, GDM was not mentioned at all. This is all I know about
they're a holding company. backed by Guggenheim partners - basically they will write them a check for their acquisitions
Anyone here work at Guggenheim Partners? (Originally Posted: 06/01/2013)
I have some questions I'd like to ask. Please post if you don't mind answering a couple of questions.
Thanks
good group. cant go wrong
I don't work there, but I know a few people that do. Fantastic shop, overall.
I wish lol went through recruitment with them for FT for several rounds but was unable to get an offer. phenomenal shop, nice group of social young guys & with senior seasoned MDs from Bear Sterns, Goldman, JPM, MS, Credit Suisse etc. etc.
a lot of momentum their way, advising on marquee media/consumer deals recently (adviser for current Hulu sale i think, True Religion & Hot Topic Sale, Costo recap), poached MDs/vice chairman from Barcap/BAML etc, starting to do restructuring and ECM past year they said and pay street with other elite boutiques/BBs. i hope to be able to lateral there from the MM i will be starting at within a year if all goes as planned and would take them over lower tier BBs if placed in a shitty group.
post some questions and im sure people will chime in. also, i highly doubt anyone will outright state they work at a firm specifically btw on WSO so just ask questions and see if people answer...
Guggenheim Partners - How is the culture like? (Originally Posted: 08/10/2012)
Does anyone know anything about this firm? I'm looking at the IB NYC office. Looked at their recent deals and it seems to be all over the place in terms of size (from 40m to 4bn).
How's the culture there? How is the group like? How do they pay? Would like to find out more about this place.
Have you seen the new addition to the Guggenheim?
I have, there is not much info about Guggenheim unfortunately...
Heard that it's a pretty legit boutique, founded by some ex-GS/JPM rainmaker.
thoughts on Guggenheim (Originally Posted: 01/31/2013)
...
Doug Guggenheim House of Lies? tool
Doug the Gug
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