Upcoming superdays/interviews with both groups. I know that the main difference is that 80% of BX deals are debtor side while it's a pretty even 50/50 split between debtor and creditor side for HLHZ.
What difference does this make at the junior level? What are the other main differences between the 2 groups? How do exit opps differ?
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I'd go work for Tim Coleman over HL. From an experience standpoint I believe debtor experience is/looks better than creditor.
the exit ops differ in respect that you have neither offer yet and hence, nothing to exit from. a bird in hand is worth ten in the bush.....
Well someone posted Blackstone's M&A and RR exits going back 10 years or so on another thread a few months ago...They looked pretty fucking amazing
Is this a question? Blackstone restructuring and it's not even close. HLHZ restructuring is a great restructuring group, but BX restructuring is one of the best banking jobs on the planet, especially if you want to do PE/HF afterwards. Sure some guys from HLHZ will go to Oaktree if they're good but BX RR placement pretty much destroys any other group on WS
BX!!!!!!!!!!
BX if you can, no debate
Sorry to bump, but how does this change now that BX is PJT?
Seen some very impressive exits from HLHZ RX - TPG, Carlyle, Oaktree, Top HFs etc.
Keep in mind that is for the LA office - exit opps are a different scene for the NY office.
The exits to those places were from the NY RX office but I'm sure LA has great West Coast exits as well
It's going to take 3-5 years to really be able to say with certainty how placement at PJT holds up compared to the legacy BX R&R group. The 2014 analyst class recruited as Blackstone analysts. The 2015 class will be PJT employees when this cycle picks up, but they were hired through the BX recruiting process.
All the headhunters know that, and beyond that, the BX analyst alumni network effect is still strong. All the 2015 analysts interned when the 2012 analysts were in the last few weeks and the 2013 analysts were just becoming second-years. The 2015 class is fine.
The real question is how it will go with PJT's first 'proprietary' analyst class. It remains to be seen what size the intern and analyst classes will be, whether there's incremental hiring, and whether they'll follow BX's recruiting model of almost exclusively Harvard and Wharton with 1-2 from NYU/Duke/Ross/Georgetown/Dartmouth in the mix.
Previously it had been 6-7 in R&R and 7-8 in M&A, and for whatever 2-3 interns that didn't return, they immediately plugged in his/her clone in terms of school/grades. If the classes are bigger, it'll be interesting to see whether they add more target schools, whether there's more variation in the class (schools represented, GPAs, majors, etc.). If it looks more like Morgan Stanley than Blackstone, I imagine placement will drop off slightly.
The old classes were all 3.8+ H/W kids (again, with 1-2 odd men out each class). Placement was lights out because when you take people with that academic profile, add the Blackstone brand, staff them on lean teams with great senior exposure and real responsibility, offer an attractive work-life balance (leaving time for self-study), and have a very staunchly pro-recruiting attitude ... there's no other possible outcome.
If that formula changes (and my intuition is that it will), I don't know that it remains the most coveted analyst program it previously was.
Has there been any kind of turnover at the junior or senior levels for M&A and R&R.
I'm assuming for M&A Taubman brought in his friends from MS rather than keeping the guys from BX?
R&R - I'm not sure but heard there was a lot of turnover in that group as well.
PJT had employees in the intervening years since Taubman's departure in 2012. He had half a dozen partners who were all senior group heads from Morgan Stanley, and in the year between announcing PJT's roll-up of BX Advisory and it actually occurring, began adding MDs from outside MS.
As far as I know R&R didn't have too much turnover and went over to PJT more or less intact. M&A significantly less so; a handful of MDs left (Guggenheim, Houlihan Lokey, Barclays) and took the assorted Directors/VPs who worked most directly with them. Some Associates and VPs found other positions at BX internally. A few others lateraled to other firms. The legacy BX analyst class obviously didn't change.
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