I have the description and an interview, but I'm not quite sure what it is. It isn't the M&A or Restructuring group, but it is within Corporate Advisory. Can anyone help?:
Type of Business: The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at http://www.blackstone.com.
Job Description: The Structured Transactions Advisory team is part of Blackstone’s Corporate Advisory Services group and focuses on providing clients with innovative products, solutions and financing structures to meet complex corporate finance objectives.
Summer analysts at Blackstone have the opportunity to participate in all aspects of projects and can expect to be staffed on a number of assignments at one time. Due to the relatively small size of the Structured Transactions Advisory team, analysts are given significant exposure to senior bankers and are expected to assume important and integral roles. Analysts can expect to gain an in-depth understanding of finance, accounting, tax and regulatory considerations and their impact on securities across the capital structure. Further, analysts are intimately involved with the development, structuring, and financing of transactions and regularly attend both client and internal meetings, negotiations, and due diligence sessions.
Responsibilities: Typically, summer analyst work will include financial analysis, computer modeling, research, competitive analysis, development of client presentations, assistance in the execution of transactions, and drafting of memoranda for internal and external use. Analysts will work on a wide range of transactions including acquisitions, divestitures, restructurings, recapitalizations, joint ventures, and leveraged buyouts.
I am under the assumption that Financial Advisory Services (FAS) and Transaction Advisory Services (TAS) are very similar (if not the same) groups. FAS groups often provide a variety of services including but not limited to: purchase price allocations, solvency opinions, fairness opinions, and other due diligence work. The due diligence and other services that FAS provides is necessary for M&A and Restructuring initiatives to be successful.
For example, when a company acquires a target, SFAS 141 requires that the fair value of all the targets assets be written up to fair value and booked on the acquires books. This requires a purchase price allocation.
so is this more of an accounting job then an actual investment banking job? Anyone else can comment on this?
This may or may not be relevant:
When I interviewed for Lehman Brothers Corporate Advisory my sophomore year, I had no idea what the position entailed. I asked one of my contacts at JPM, and he told me it was basically Lehman's way of dolling up the back-office operations positions (you're "advising" internally on how to best operate).
I'm not sure this applies to Blackstone.
I was suspicious of that. M&A and Restructuring are both within Corporate Advisory however at Blackstone, which is why I'm unsure. If this is just a back-office position, I'm turning it down, but I can't figure out whether or not it is.
I'm wary of anything that mentions "taxes" in the responsibilities, as most of these positions are located within the company's back-office treasury division (regardless of what the firm calls it... I believe that Lehman called it "Compliance and Regulation" within "Corporate Advisory Division" - which sounds a lot like this position). Maybe ask your career center for clarification.
I doubt it's "back office." Sounds more like transaction services - advising on a variety of legal, accounting, and due diligence issues. Could be interesting and easy to break into blackstone IBD after the summer.
Its not back office. It is a group that advises Blackstone's third party clients and PE funds on complex structured financings and M&A transactions with significant tax, accounting or financing twists. It is basically the in house rocket scientists. Great opportunity.
Structured Transactions is simply a product group under the general umbrella of the M&A group. The homepage of the M&A Advisory group talk about this group under the "Creative Solutions for Complex Issues" heading:
Our structured finance team focuses on customized merger and acquisition solutions as well as financing structures that enable clients to meet their strategic and corporate finance objectives. Our structured finance team has been providing innovative products and solutions to clients in many industries for over 20 years.
If you read the bottom of the article below and see the bit about Kraft's spinoff of Post Cereals and Procter & Gamble's spinoff of Folgers Coffee, then you've seen two examples of work that has been done primarily by the Structured Transactions Group. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=acagOX3ADyOQ
.
Would this be similar to BAML's CorpFin group? The descriptions sound exactly the same.
bump
I just applied to this group and have spoken to some people who know of them. From what I've heard, this description seems accurate:
"Its not back office. It is a group that advises Blackstone's third party clients and PE funds on complex structured financings and M&A transactions with significant tax, accounting or financing twists. It is basically the in house rocket scientists. Great opportunity."
Apparently these guys do all the complicated/creative/intricate deals that no one else on the street can handle. From what I've heard, the group is mostly SMDs, MDs, and a VP or two—only a couple of analysts. Can anyone comment on this? Do they only look for engineering/math types? If I get final round, I'll update this post, but I'd really prefer to know more about the group before I interview.
To whoever thought this was back office: it takes about 1 minute of Googling to figure out this is, at the very least, not back office. With your research skills, I can safely assume you did not get the job.
100% not back office in any way. You're right, it is mostly senior folks - getting exposure to this sort of stuff early is an unusual opportunity.
Also, the group is called M&A Structured Products now as far as I can tell. Do you know how many new analysts/summer analysts they hire each year?
Probably 1 or (max) 2 SAs. As for analysts, Blackstone has a rep for filling all its analyst spots from its summer class.
So these are rocket scientists, and the odds of getting an offer are slim to none:
They only take ONE summer analyst? Who even gets this type of gig? If the deals are so complex, why take any undergrads at all?
From the looks of it, there 12 interview slots at my school, and there must be at least a few other target schools... I don't even want to know my odds of getting an offer with this group
structured products is a hardcore model-intensive/quantitative group within BX M&A. They're called on for deals that involve complex securities or transaction structures, beyond your typical merger/divestiture. Usually 1 analyst. Last two years both summers have received offers and returned FT. Amazing learning opportunity and the people in the group are incredibly smart.
So you "regularly attend client meetings". First clue that it isn't back office?
Well it's not a big group. BXM&A has 7-8 analysts total...
You're right that they're a small group but the ratio of applicants to spots seems astronomical.
Does anyone know what type of background this group would look for? Math? Econ/finance? Engineering?
So I have a superday with these guys on Friday, anyone go through this before or have any idea how to prepare for what will probably be insane technical questions?
It won't be "insane technical questions." You're just an undergrad, they'll teach you what you need to know on the job.
Thought I'd update: didn't get an offer. Made it to the final round, but got dinged somehow. I did accept a very good BB summer analyst IBD offer and am hoping to get into one of their top groups.
Does anyone know who did get an offer with this BX group? This group was my top choice, so I want to know the background / type of person who did get an offer. Any comments would be appreciated.
Oh and @bugattiveyron, there were lots of technicals in the first round (some pretty tough ones I'd never heard before), and not nearly as many at the final round.
Gilgamesh: could you please discuss which technical questions you received. I know this was a little while ago, but it would be very helpful if you can please provide some guidance as I too am meeting with the team.
Thanks a lot
Vel voluptates aliquid nam eos voluptatibus placeat voluptatem. Dolorem praesentium ullam veniam facilis. Non sequi magni ut dolor est quis voluptatem. Esse omnis mollitia molestiae sit aut ut sunt. Ut est blanditiis in facere incidunt corporis molestiae. Labore aspernatur consequatur voluptas.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Impedit nostrum dolores odit possimus odio odio quaerat. Deleniti autem est molestias autem ea voluptas molestiae enim. Dignissimos qui est error vel. Ex sit debitis quo molestias. Nesciunt sint eius vitae et aut voluptatem rerum. Eveniet modi aut velit labore distinctio ad. Sit odio nisi qui sint ipsa quia.
Ut vel ut excepturi doloribus. Nulla maiores omnis et a nulla distinctio. Nulla et quam autem qui. Ipsum suscipit praesentium dolor. Delectus exercitationem voluptatem delectus quidem et.
Temporibus ut sunt id aliquam fugit. Autem perspiciatis illo vel labore animi voluptatem et.
Velit pariatur est harum praesentium velit. Vel fugiat aliquid et ab veritatis amet beatae aliquid. Minima officia aut voluptas facere. Animi explicabo animi maiores et molestiae. Incidunt magni est qui voluptatem eveniet.