Relocation from Houston to Dallas
Hey Guys,
I am currently working in Houston at a very strong international investment bank, with a particularly strong energy practice. I am doing very well and have received very good feedback about my work and attitude. I enjoy the firm and would like to stay, however, I feel it is necessary to look for a job in Dallas for family reasons. I want to stay in investment banking/or related practice and join a firm at least as strong as the one I am currently at (top ten investment bank and surging) or an elite boutique practice where I can continue to grow my career at a similar rate. I do enjoy energy a great deal but am not tethered to the industry so I would also be interested in hearing why industry Dallas firms normally practice in. Does anybody have any suggestions of where I should look or why kind of jobs are available in Dallas?
FYI, I am a first year analyst.
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I was hoping to find something in Dallas, but there really isn't much in terms of IB. JPM has a small office, as does Greenhill. I haven't heard much coming out of either. Then Houlihan Lokey and some other middle market firms are about it.
Dallas is not as big a finance hub as Houston; there are some hedge fund and PE offices. There are a few hedge funds (HBK, Carlson) and PE firms (Insight equity, Q investments). TPG has an office in Ft. Worth (I almost forgot that one, I think they are transitioning to NY and SF).
Most of Dallas revolves around supporting the energy industry in Houston and Texas's own oil production. A lot of oil companies have operations there, but I perceive them to be mostly back-office.
I think there are also a number of PWM and Real Estate PE offices, if those interest you.
Well if you went to SMU I would think you would know all of this but....
I would say Dallas is an equally large finance hub, it is just much more focused on asset management. There are more than a "few" hedge funds/large funds...far more than Houston. Carlson, HBK, Highland, Barrow Hanley, Hayman (kyle bass), Kleinheinz, Corriente, Barbnet (bass family)....not to mention the hundred or so smaller hedgies that call the Crescent home.
PE is somewhat light but West Coast excluded some of the largest including Lone Star Funds (24b), EnCap (11b), and Natural Gas Partners. TPG's global HQ is in Fort Worth, where it was founded...we know that TPG = Texas Pacific Group (originally), yes? Bonderman still lives there. However, to West's point, I think they have moved just about all of the front office to New York.
Industry-wise it's more diverse...you have some energy (Pioneer Nat, Energy Transfer, Ensco...XOM obviously), lot of transports (with southwest, AMR, BNSF, etc all in the region), Texas Instruments and EDS in the techy space.
Now that I've written Dallas' guide to commerce...as West said, there is a lot less in the way of IB. Only other ones I would add to the above that I've com across are MHT Capital and Cogent Partners...don't know a whole lot about either. You also have some regional players such as Stephens and RayJay.
Good catches. I just about gave up on Dallas when I realized how few IB positions there are. But, those are some great hedge funds; for some reason I was thinking Lone Star was in Houston, but it is in Dallas.
I should add that MBB all have offices in Dallas, but I have no idea how large they are.
Good luck getting back to Dallas. Living someplace like Highland Park while working in finance is a hard combination to beat for quality of life.
You went to SMU and got into investment banking in Houston but know nothing about IBD in Dallas? Must have been a sweet connection you had.
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