I hear the term advisory often, but what is advisory really? Why is Lazard or Evercore, for example, considered a pure advisory shop? Aren't all bankers really in advisory? How is Goldman or Morgan not in advisory?
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plainly in two lines?
advisory=M&A, restructuring etc, ECM/DCM = IPO, bond issues etc
An "advisory" shop does not use its own balance sheet for anything. Some of the bulge brackets may do M&A advisory work... but will also provide the bridge financing (for example). They will also handle underwriting and other "balance sheet driven" activities.
Pure advisory shops like Lazard/Evercore will not do this.
Yes, but they will have a knowledge of how this works, and will help coordinate it with other banks if necessary. And ECM is very similar to advisory, in that they are both fundamentally focused on equity valuation.
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