BRG vs Ankura vs Province
Curious how people would rank the restructuring/turnaround advisory firms outside of the top names.
Thinking about firms like:
- BRG
- Ankura
- Province
- Any others that belong in this group?
Mainly interested in comparing them on:
- Compensation — base + bonus at the analyst/associate level
- Reputation within RX
- Exit opportunities — especially moving into RX investment banking (PJT, HL, Moelis, Evercore, etc.)
- Buyside exits — distressed / special situations / credit funds
- Overall career trajectory
Would also be interested in how difficult it is to lateral from one of these firms into an RX IB group after 1–3 years, and whether certain firms/groups are noticeably better feeders than others.
How would you tier/rank them?
Would say those go well together, and can't think of any other that would fall into that group. Province is creditor heavy, BRG & Ankura are more debtor / well balanced.
Comp wise, I'm not too sure, but I know BRG & Ankura pay around the same as FTI +/- some, given they have a lot of shared DNA from FTI. Province is pretty opaque so I can't say with confidence
Reputation wise, Province is seen as the go-to for creditor side work, BRG is seen as the go-to for debtor side work within this group, and Ankura falls somewhere in between. Almost everyone in RX knows about Province and BRG, and enough people know about Ankura to where it won't be an issue.
Exits wise I'll defer to someone else, but I doubt it'll be much of an issue if you're proactive in reaching out and get valuable experience. It won't be the name holding you back likely.
Career trajectory wise, Province is much leaner than the other two, and as a result, you'll get measurably more responsibility as a junior, and a shorter runway to the top. BRG and Ankura have much larger headcount, so a longer runway to the top but the flip side is you'll get to work on some pretty notable names there.
I've heard of Province having some sneaky exits. BRG I haven't heard anything on. Ankura is de minimis, once in a blue moon.
Most of your "exits" from these types of firms is going to be to the big three (A&M, Alix, FTI) or to the RX IB side. Due to the nature of Province being more creditor focused, they are seen as having better experience as far as RX banking goes.
What are "sneaky exits"? Also there really aren't that many ex province etc ppl at the T1s, in my experience talent flows down from the T1s to Province etc, but it's rlly hard to flow up
Solid RX shops. Know they have a couple people at HL RX. Tend to do well in generalist banking (Moelis, Lazard, etc) roles as well. Know there's an Apollo flaghip guy. I'm sure there are others too.
You can definitely make transition to RX IB if that's what you are after. Investing roles are less likely but not unheard of.
Bump
Know a guy who went from ankura rx to HL Rx IB. Absolutely possible from any of the three
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