Best Groups at Jefferies
What's the consensus on the best groups at Jefferies in 2021? Is HC still the runaway best coverage group at the firm?
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I'd say the best groups at Jefferies are still largely HC, LevFin, Energy, and Industrials. With that being said, Jefferies has definitely become much more well-rounded over the past few years through poaching top senior bankers across all industries. Jefferies Tech has been doing very well and their tech-enabled services group is one of the best on the street.
Can confirm that HC, LevFin, and Energy are still the top groups. Tech and Industrials are also very strong groups with particularly strong verticals (aka tech-enabled services and ADG are among the best on the street).
Bit confused on the Tech Vertical - for their recent deals for Talkspace ($1.4B) and Babylon Health ($4.2B), would those have been done under the tech-enabled subsector team?
Can someone comment on their RX group?
Still a solid group but the quality of deal flow has definitely dropped off since the two co-heads left for Moelis. JEF RX is definitely not on par with HL/PJT/Moelis/Lazard. Also their deal flow has shifted to UCC mandates, and I get a feeling that the firm is largely shifting from "pure" RX advisory to leveraged loans.
Thanks. This is helpful.
Yea i think they made a ton of money off the Revlon situation. Not really because of the restructuring fee, but that ridiculous debt structure that they put together that had it under another subsidiary and allowed like 3x more leverage than market
LevFin actually ran point on Revlon - which is honestly case and point to your comment.
hows their Private Capital Advisory team? know they poached all of Greenhill and some from other EBs
It's a relatively newer group, but is definitely very good and JEF has been aggressively building out the group through poaching bankers from top PCA groups. The group is still too new to be considered on par with Evercore/Lazard/PJT (though PJT lost some rainmakers over the past couple of years), but is without a doubt a rising group and at its current trajectory of poaching bankers one of the potential top PCA groups down the line.
are you at Jeff? curious how you know all this as it's a pretty niche space
Anything on Power and Utilities?
Not sure if it counts as PU, but the Alternative Energy group at JEF is one of the best on the street.
Any idea if they’re based out of nyc?
Can confirm we see them marketing deals fairly frequently. I wouldn’t call them “best on the street”, but they are definitely active.
Can anyone speak on the division of tech between Charlotte, NYC, and SF. Is it software in SF, tech enabled services in Charlotte, and hardware/semis in NYC?
They have more than that in NY. I think all sub-segments have a presence but for sure tech enabled services. They also have media.
There are two different tech groups. The Technology group is split between SF and NY. The Tech-enabled Services group is split between NY and Charlotte. SF Tech works on more software relative to the NY Tech but both work on all verticals. Tech-enabled Services group works together across both offices. Tons of collaboration between the two offices and you can be cross-staffed between the two.
How is the M&A group?
To be honest pretty overrated, because most of the top coverage groups largely do their M&A in-house.
M&A is one of the bank's top groups still and a very popular choice among the interns. Very active group at the bank and plenty of deal flow even without healthcare hiring the M&A group. Hours are on the higher end but juniors are rewarded with strong placement in PE.
How's group mobility. Is it possible/difficult to switch groups or even offices after a year or two?
How does JEF tech-based services compare to Blair tech-based services and JEF ADG compare with Houlihan ADG?
I'd say JEF tech-based services > Blair tech-based services due to the different deal sizes. Blair tech-based services is incredible and is probably the strongest in the MM space, and often wins UMM and >$1b mandates, but at the end of the day Blair is still a MM. JEF tech-based services still touches deals in the >$5b space and is almost as strong as Blair in the MM space.
As for ADG, JEF >> HL ADG. HL ADG is pretty firmly in the LMM-MM space while the JEF ADG group are also whale-hunters and win >$5b mandates. I focus on A&D in an industrials group at a BB and we regularly compete against (and lose against) the JEF ADG team for mandates while I don't think I've ever encountered HL's ADG team. I'm sure HL ADG has strong deal flow, but much like HL in general they focus on churning out LMM-MM deals.
How are exits from Jefferies ADG?
Unsure on exits as a whole, but they placed someone at Carlyle very recently
Any insights on Jef event driven / special situations desk?
They're heavily focused on SPACs and M&A rn. The Head of the desk likes ppl from IB and PE backgrounds.
Any insight on how it compares to similar desks at hedge funds?
How is the internal mobility at Jefferies?
How's their FIG team?
Solid and rising. They poached a large portion of CS's FIG team a few months ago.
How's the culture in FIG been?
How are their Transpo & Logistics and ADG groups?
Can anyone comment on their Private Capital Advisory group?
Dallas group is very good, ex-Greenhill and culture is also pretty chill.
“MM” is a hilariously broad term, but they still run sponsor-backed healthcare M&A activity (broadly speaking). Other banks can come close in a specific vertical, but Jeffries is definitely up there.
How's their Transportation & Logistics group?
Heard that culture there is really good.
Can confirm that the culture is very chill. They love recruiting at Richmond.
Spoke with a few industrials guys. Sounds like the culture is great there and it's a lifestyle group. It can be a bit sweaty if you go with the wrong seniors.
industrials is not a lifestyle group lol
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