Best FIG Groups
Which firms have the best FIG coverage divisions?
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GS and MS are both very strong in this space. Big surprise hah
Thanks Gutshot, really appreciated!
BAML is a player
Couple firms almost solely focused on FIG - KBW and Sandler O'Neill to name a couple. I think Rodman and Renshaw is a smaller one.
Lazard- One of the top FIG bankers on the street in Gary Parr. Did they Bear Stearns sale to JPM. Countrywide/BofA, sale of ML to BofA . been on a ton of the high profile stuff in the last 2-3years
BofA ML is one of the best. Has worked on several high profile deals recently: CIT, AGFC.
GS is the clear leader; but any BB is pretty well respected. what are your options. Some good boutiques out there as well.
^UBS is basically the only place I'd shy away from among the BBs. Heard the team is weak but that can change obviously.
these posts are ridiculous
I agree
Depends on what you mean by FIG, depository institutions? Specialty Finance? BDCs? Asset managers? Fin tech? Insurance? Several of the aforementioned firms are good in certain parts of FIG and weak in others, for example, CS has been on some decent Fin Tech covers but are not very strong in the depository space. Also, Frank Esposito, formerly a top Lehman/Bar Cap FIG MD, recently joined Jefferies to head their FIG group and has been very active. JPM is also very strong in the FIG space, they advised NAL on the biggest healthy bank deal of the year.
In summary, the majority of the BBs are all strong in certain aspects of FIG, in addition, their are several MM firms that solely focus on FIG such as KBW, Sandler and Stifel Nicolaus, while they are full-service, they are also strong in the MM FIG space.
Best FIG Banks? (Originally Posted: 08/11/2006)
Which banks have the best Financial Institutions Groups on Wall Street?
Top FIG teams are GS, MS, Credit Suisse, Citigroup and JPM.
Interestingly, ML's FIG team is not considered in the same class as the above.
JPM has the best FIG group on Wall Street. Ask around!
....
http://www.snl.com/press/20070117.asp
There are boutiques as well that specialize in FIG: Sanler O'Neil, Keefe Bruyette Woods, Fox-Pitt Kelton, for example
how do the hrs in fig compare w/ other groups
Lehman THE bank for FIG
and Lehman are top 2 banks on street for FIG.
Morgan Stanley FIG best on the street? (Originally Posted: 05/18/2009)
http://dealbook.blogs.nytimes.com/2009/05/18/morgan-stanley-jumps-to-to…
Financial institutions have gone to the equity markets quite a bit recently to shore up their balance sheets, and seemed to call on MS a lot. Are most of these relationship clients or did MS win these deals? Have they outpaced GS as the best in FIG?
Also curious to know how UBS FIG is in comparison (prestige, deal flow, etc)
One of my buddies is interning there (MS Cap Markets) right now and he said he has been busy as shit the for past couple of weeks working on deals with Financial Institutions for common equity and debt offerings.
Although $4 B of their $16.5 B in equity offerings was their own. They are definitely a top group but I'm not sure they've taken over yet.
GS FIG is still one of the best groups on the street, and measuring an ibd group by equity or equity linked does not capture the entire talent of the group.
The biggest FIG underwriters are MS, GS, ML/BOA, and Citi - no surprise there...in terms of the best, MS and GS are likely the top two
anyone have thoughts on JP Morgan FIG?
Thoughts on FIG groups? Starting Summer Associate Recruiting (Originally Posted: 09/23/2015)
I'm starting business school (Tuck/Stern/Darden/Johnson) and I'm beginning the summer associate recruiting process. I worked in product management for a large insurance company before school, and I'm hoping to get into a FIG group.
I'd be OK doing a generalist program for the summer, or at the most a year or so once I start full-time, but I don't want to go to a boutique where I'm just doing all different industries and not focusing on FIG.
What are everyone's thoughts on how the bulge brackets and top boutiques stack up versus each other? I've heard Goldman/MS/JPM are tops in the space (surprise surprise, but they could be tough to get into given my background. Not sure if I want to be a banker for the long term or go into the buy side or a FIG company after a few years, so any views on culture, deal flow, exit ops, etc. would be really appreciated. Thanks!
Certainly everyone is entitled to their own opinion but I don't really understand why you would be so fixated on getting in a FIG group, particularly if you're not sure that banking is your long-term aim. I know you might have to change your screenname but it might be useful to get a sense of what's all out there through a generalist program given your lack of experience. On top of that I've heard FIG banking can be kind of boring.
Fair point, but I really like the financial services industry and know I want to be there long term. Just not sure if that means banking in FIG long term.
I loved my work in insurance and I also find personal finance really interesting (gaming credit card rewards, mortgage financing, etc.).
FIG is usually very broad so it's broken up into different verticals. Examples of a few can be banks, insurance, asset managers, specialty finance (basically non-bank lenders), etc. Some banks also have fintech as a FIG vertical while others have it in within TMT or do joint coverage between FIG and TMT. Goldman is pretty good in the insurance space and JP in the banks space, not sure about MS. There's a couple FIG boutiques but they do mostly smaller deals for regional players.
Skillset developed is dependent on the vertical. Some areas in Fintech and insurance brokers are valued based on EBITDA, while others use more fig specific valuation like dividend discount models and P/TBV, etc. Insurance industry has had a lot of activity M&A recently since there's been a lot of downward pricing pressure, probably will be more activity in the space as well as in reinsurance in Bermuda.
I haven't really seen people get pigeonholed in FIG. I've seen analysts go to the buyside or even go work for some of the FIG companies that they advised, so if you want to switch back to financial services at some point you shouldn't have a problem.
Culture will vary from bank to bank, but FIG is one of the more active sectors (FIG analysts were getting crushed during the financial crisis) so you might want to take that into consideration.
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