My bank is very small but well known within my coverage group and geography. Therefore it is difficult to get headhunters to go to bat for me, as they claim "a significant amount of leg work will be required on my end" given that my bank is small / not a brand name bank. However, I know of a few groups within my geography/coverage of decent size that would 100% recognize the name, given that we are sending them potential deals pretty regularly.
Do you view approaching PE firms who are regularly potential buy-side parties in future deals with your bank as a no-no, especially if you are in a more niche industry? Is this unethical? If you find this acceptable, what do you think is the most appropriate way to approach this? I.e. trying to get a partner on the phone, sending the admin an email with your resume attached inquiring about associate recruiting, etc.
zanderman CHItizen CompBanker labanker TorontoMonkey1328 WallStreetOasis.com @TNA" TippyTop11
Sorry for the delayed response. I'm not sure I can give you a great answer, not having much experience with this from either side personally, but I will say this: Just be smart about it. Most people are adults and probably would understand, but just follow the typical networking best practices- be polite, ask questions, don't be a bug, and be appreciative.
I could be totally wrong but it's quite possible that you'll get more attention once the upper MM/megafund recruiting cycle ends in a few weeks/months.
Regarding your questions:
Do you view approaching PE firms who are regularly potential buy-side parties in future deals with your bank as a no-no, especially if you are in a more niche industry? Is this unethical?
No and no, but I wouldn't directly ask someone for a job, just treat it as a regular info interview and maybe end it with something like "this was a great help, if you ever hear of anything that might fit me well, I would appreciate if you could let me know."
If you find this acceptable, what do you think is the most appropriate way to approach this? I.e. trying to get a partner on the phone, sending the admin an email with your resume attached inquiring about associate recruiting, etc.
There are some networking guides for IB on here and M&I, and the process for networking for PE is basically the same.
Some other thoughts:
can you see where other analysts from your bank have gone? probably not a bad idea to target similar firms.
If you are dead set on PE, then it may also be worthwhile to at least consider lateraling to a bigger bank with better recruiting. But I wouldn't do this for at least a few months, just to see how things shake out.
YSK there's some set of PE firms that a bank may show deals to but where the PE firm may not hire analysts from that bank (for example, lots of MM banks show deals to BX but BX isn't hiring MM analysts usually)
Thanks for the thoughts, very helpful indeed. Two analysts from my bank have gone on to lower MM funds, and another lateraled to a BB. I have heavily considered lateraling to a bigger bank; I think it would be worth getting better PE looks even though I would lose a year in the process. Why do you say that you wouldn't do this for at least a few months?
Basically what you said - you lose a year potentially. If you're fine with lower MM PE and can get a job in PE starting in 2018 (or perhaps earlier) from your current role (as opposed to lateraling and maybe not starting in PE until '19), it might make sense to at least stick it out a few months and just see how things develop. Also I would definitely talk to those other analysts to get their thoughts.
Couple options - reach out to those from your bank that went to the buyside, even if they can't help ask for a couple of names at their current firm or in the industry and reach out.
Are you in NYC or an Non-NYC location?
I am non-NYC but very large financial hub outside of NYC (think SF, Chicago, LA, Houston). What are your thoughts about lateraling to a larger bank first?
What's the best way to network with the buy side to get more business? (Originally Posted: 06/22/2013)
Just imagine me as an sell side research analyst with one of the major IB's. I think it would be a good idea to ask some buy side analysts to lunch and tell them about the companies I cover? Are there any expense accounts for these kinds of things? Also, depending on the buyside analyst's experience, should I take them to a more expensive lunch place? How would you do this? Is there any general standard procedure or certain expectations with regards to such networking. Please share.
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