Obviously, there is a huge difference if you are working in the IBD group. Is there still a big difference if its for research though? I mean, in order to get into a HF from research, most would agree you need to network. With that said, at a smaller firm I would assume you get more opportunities to speak with people from the Buy-side.
What do you guys think?
Not necessarily true with regards to the boutique. Very dependent on the senior analyst in terms of how much he involves his junior and how much he maintains his existing relationships.
I hear you, and that is true. In regards to recruiting though, what would be better: reach for BB or boutique?
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Again it totally depends on the team you are on and its reputation on the buyside. If I were starting in sellside research I would much rather go work for ISI (now part of Evercore) than Morgan Stanley, but I'd rather work with JPMorgan than Stifel or Wedbush. Start by identifying who the best analysts are within each firm, and then try to target an associate job under them.
Thanks.
Haven't heard much about ISI b4 they were bought by Evercore. I'm assuming they have a strong exit opps because you mentioned them, is that right?
Largely speculating here, but BB research > boutique research if you're looking for a large AUM HF. Recent research hires at my HF are from BBs. I think BBs provide better service to larger HFs, and so they get noticed more and get recruited from more. Smaller research divisions probably work with smaller HFs more as those HFs are more overlooked by the BBs due to smaller volume/commission.
Your audience (if you're publishing research) is larger when you're at a BB -- HFs don't subscribe to every company's research, but they get the BB research usually in exchange for trading commission or just out of necessity.
You'll see most people at HFs from BBs simply because there are a lot more people coming from BBs (quite literally the word "boutique" gives this difference away). BBs provide "broader" service, not necessarily better. When it comes idea generation/creative research - size of the shop doesn't matter one bit. Quite the opposite - small boutiques tend to work with the biggest places only since they have less scalability at their disposal, so they want to reap the big bucks first before going lower in terms of AUM. Audience - bigger? Most likely. More reads - not necessarily.
You'll see most people at HFs from BBs simply because there are a lot more people coming from BBs (quite literally the word "boutique" gives this difference away). BBs provide "broader" service, not necessarily better. When it comes idea generation/creative research - size of the shop doesn't matter one bit. Quite the opposite - small boutiques tend to work with the biggest places only since they have less scalability at their disposal, so they want to reap the big bucks first before going lower in terms of AUM. Audience - bigger? Most likely. More reads - not necessarily.
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