Best Healthcare Group on the Street
Who has the best Healthcare group on the Street in terms of comps, deal flows, exit opportunities, and culture? Thanks.
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as usual the answer is gs/ms/jpm
Could anyone tell me how good are healthcare groups at HL / Evercore / Piper Jaffray ?
PJ / Evercore does pretty well in pharma space. HL HC is weak
MS/CITI have been killing it
when was this? i haven't been following the hc space at all.
don't know citi hc, but CS hc did great last year. db hc actually had a great (really great) year too but not sure if momentum will continue.
Really PJ good in Pharma?
http://www.piperjaffray.com/2col.aspx?id=1371
^ All medtech.
Healthcare is doing well period.
YTD Dealogic league tables (through 9/10/2013):
Global M&A Volume:
GS - $114bn JPM - $103bn MS - $85bn Barclays - $66bn BAML - $26bn UBS - $10bn CS - $7bn Citi - $7bn Jefferies - $6bn
All products (fees):
JPM - $459mm GS - $354mm BAML - $287mm MS - $242mm Barclays - $232mm Citi - $153mm CS - $152mm Jefferies - $109mm DB - $104mm UBS - $93mm
In terms of culture, most/all HC groups are relative sweatshops. GS might be better than others though. It's a broad space that doesn't really pigeonhole you so exit opps should be good if you're at a good bank. Comp doesn't matter at the junior level.
It's definitely a great space to be in at the moment.
Thanks stvr2013 for your input. It's really helpful.
Leerink Swann
any thoughts on PE exits out of a good BB HC group?
Also interested! BUMP
In terms of exits, it isn't even close...GS and Laz HC are the two best.
So, i'll preface by saying that I'm in heathcare (M&A). Healthcare is a very defensible industry (less suscptible to market shocks), so you'll get consistent deal flow at any BB/boutique since your client base likes to spread deals/fees around. If you go Citi/BAML/JP/MS/Barc/Lazard/GS, you'll get good experience and will have plenty of buyside opportunities.
The question you should really be asking, however, is within what realms of healthcare are these banks strongest. There are four main verticals in HC (pharma/med-tech/providers/HCIT), and there's even more diversification within those verticals. So figure out where groups stand in terms of each vertical and where you see yourself fitting in.
That brings me to my next point: consider the group culture. It's a very, very important step you should conduct during your due diligence. Figure out where you see yourself fitting in. Because of the space being so verticalized, you'll get worked, no matter where you go. Just go some place where you like the people, provided again that it's one the banks I mentioned.
deleted op
bankbanker101 thanks for your post! Great advice. +1 SB
Top HC Groups on the street? (Originally Posted: 02/25/2013)
Could anyone give some guidelines as to which are among the top HC groups(including location).
Just from browsing the boards it looks something like this:
GS/MS Lazard JPM Jefferies
I have no basis for the above^ beyond WSO posts, feel free to correct me.
Looking at league tables for recent years, JPM seems to be at the top of the industry for HC but the others mentioned are extremely strong as well.
I would have to second JPM, they're usually lead left on most of our deals.
Of course, this really depends on which type of healthcare firms you're referring to.
@sdgo where do you get the league tables for HC from?
Financial Times and then you can click the industry it shows the leaders
That ranking isn't just M&A and includes IPO, debt, all types of deals. For HC M&A, I'd say JPM is top 3.
Top HC Groups on the street? (Originally Posted: 02/25/2013)
Could anyone give some guidelines as to which are among the top HC groups(including location).
Just from browsing the boards it looks something like this:
GS/MS Lazard JPM Jefferies
I have no basis for the above^ beyond WSO posts, feel free to correct me.
Thanks for the SB. Now, regarding exits:
The great thing about the space is a. you get a variety of deals/transactions (IPOs, RMTs, debt offerings, M&A, rest., etc etc etc.). For that reason your ability to model out complex and differing scenarios is well-developed by the time you're looking to leave. So that's why PE firms love HC guys.
Additionally, if you consider the space, remember that I mentioned the space as being highly verticalized. You're going to get WORKED in healthcare because of how many players exist in all four verticals (unlike, say, power/NatRes). For that reason, there's a ton of investment opportunity so you'll see that there are more funds focused on Tech and HC than possibly any other space. Consumer is another loved one among PE firms.
Anyways, TL;DR: the opportunities to move PE/Mega Funds exist. Wherever you end up is ultimately up to you. I've seen analysts move to Warburg/KKR/Carlyle and others, to the peace corps. Where they ended up has never once surprised me. So again go to a group where you fit in. The rest is up to you.
healthcare (Originally Posted: 02/06/2010)
Top healthcare groups?
Would you discourage going into a pharma/biotech focused BB then? As MF PE typically don't invest in there, your skillset wouldn't exactly match up...
Healthcare is miserable, don't do it! I was a healthcare analyst and I spent way more time than other analysts researching industry related "stuff." This was in addition to the normal responsibilities of an M&A analyst. If you aren't interested in becoming a healthcare finance professional as a career, i'd say get out!
oh wow! i asked because i saw the other thread where healthcare generated the most dealflow YTD!
I'm really interested in the biotech/nanotech/personalized medicine space (the most innovative spaces in healthcare). Are there any non-BBs that work in this space heavily?
Looks like Leerink Swann does, but it seems like most other healthcare boutiques (like Cain) focus predominantly on the services space.
I know a few banks that have focus-areas in the biotech space, but those groups are brutal. I've done a little bit of work for my bank's HC group, and it is not enjoyable. Just to echo what CompBanker said above, there is so much extra research that goes into a pitch/deal on the HC side, and unless you're a huge fan of the HC industry, it is boring, slow and tedious. Not to mention, a lot of MM HC firms aren't profitable and are in the testing stage, so the valuation on these guys can be pretty one-dimensional (predominantly revenue-driven) and doesn't really allow for much wiggle room.
I think having background in science (whether it be educational or actual work experience) can be really helpful in the space, as it makes understanding information and gaining knowledgability in the industry a helluva lot easier... plus, you know it interests you.
Mind letting us know what banks those are? I really don't consider any other industry-focus as interesting as biotech. I'd think the research into products/innovations would be fascinating. I don't have a background in molecular analysis or anything like that, but I enjoy learning and understanding the applications for products in this space.
Is there anywhere someone could kindly point me to learn more about industry-specific techniques used in HC IB (esp. services and facilities, if at all possible)? I'm looking for a long term career in HC finance, don’t care about workload. I've read industry research everywhere I can find it, done tons of generic modeling (ie modeling programs on my own, some fig in practice), but there's not much specifically geared towards HC IB...thanks so much to anyone.
I've been doing self-directed research as well, I have a few healthcare-specific NPV and Comp models, feel free to shoot me a pm.
anyone have any information on DB's healthcare group?
DB Healthcare, like many healthcare groups on the street, is a sweatshop. Heard some not very pleasant stories from a buddy who was in that group.
In the 14-16 range for dealflow
My two cents about Healthcare is that it is a very niche space. Some of what others have said is true in that the research can be pretty tedious, especially if you don't like science.
Also, most BB Healthcare groups are subdivided into several verticals, usually life sciences, Medtech and services. Life Science and Medtech is where you will find most of the innovative companies such as Pharma, Biotech and Medical devices. While these are the coolest companies, they also tend to do only M&A and equity; not a whole lot of debt. Services include facilities and other businesses like PBM's. THese are much more traditional businesses with steadier cash-flows, tangible assets and a lot of debt financing.
Depending on what you get into, the upside of a Healthcare experience is that by the time you're a bit more senior, you'll be able to speak in a language that nobody else will understand (and so have a job that not many people can do). It is probably the coverage group that has THE most domain-specific knowledge of any I know of, except for perhaps FIG.
Totally agree with you that healthcare area is quite niche
what about goldman healthcare? i've heard pretty good things about the lifestyle in the group. and they've closed some pretty big deals YTD.
DB HC = sweatshop
-9am - 2am average -Endless company profiles -Less modeling (farmed out to product groups) -Bad exit ops without connections -Good dealflow
i have a friend looking at DB's HC group, can anyone confirm this?
Sounds about right, my friend got fucked over by them.
DB in general has relatively poor IBD. A regular here has worked for them and claim many have problems exiting so they stay a 3rd year.
99isNot100, you think it's more specialized than mining, energy or renewable energy?
any thoughts on Goldman's healthcare?
GS Healthcare - good culture, cool senior people, known for having consistent hours (rarity in HC space), decent exits.
Best places for healthcare? (Originally Posted: 06/10/2016)
incoming 1st yr BB analyst at a HC group. First things first, when you recruit for MF/MM PE shops, are the offers group specific? What's the nature of it? Do they recruit people with groups in mind, or are you recruited into a group?
I want to stay in healthcare and am really thinking about opportunities in HC PE. What are the top places with strong HC groups? I am at a top5 healthcare group for IBD, and some background/ECs in undergrad in life science.
Thanks.
JPM dominates by far - this has been discussed before.
HC is a balance-sheet based business where the top fees go to banks who can take on the most risk in terms of loans/revolvers, e.g. a traditional banking model.
Industrials is balanced sheet based. HC is much like TMT, there's a ton of diversity in deals and clients. It's less reliant on debt, despite every bank offering up revolvers to get a slice of future fees.
Industrials is balanced sheet based. HC is much like TMT, there's a ton of diversity in deals and clients. It's less reliant on debt, despite every bank offering up revolvers to get a slice of future fees.
Are you more interested in healthcare IT/services or pharma? Impacts the response.
For now I am interested in all. I have more biotech/pharma experience and it's definitely "sexier" and more exciting but I am reading and really getting interested in services/devices/tech. most my HC experience this year will most likely be in services anyways, so i am not differentiating for now (especially since I figure HC PE is already a small subset anyways).
Also I kind of assumed most of HC PE is services based by the nature of PE? wouldn't make as much sense to do a biotech LBO..
No offense, you are right with respect to some HC sectors - I actually work in HC investment banking and I can tell you that while the industry is large, the top deals are won through balance sheet-based lending and less focused on extra M&A and advisory work done. You'll have one-offs like when BBH advised TFX on the LMA acquisition, but those are only for the MM deals.
MM HC is more of a crapshoot, while the BB and largest deals are done by the top lenders. If the firm screws their top lenders out of fees, then they'll simply drop out due to the excessive BS risk.
Case in point - CYH acquisition of HMA.
Also, your comment about banks offering revolvers to get a slice of future fees is correct, but you forgot to mention term loans which, in combination with revolvers, can push a bank to the top of the total commitments table.
HC is heavily dependent on debt, especially the REIT sector - that's the only way they raise capital, and recently with debt being so cheap, that's all they've been doing. Sure they'll issue equity, but not with one of the hottest debt markets we've seen in a while.
x
Bunp
I've never understood these questions. Unless you have offers in hand from multiple groups (which people usually don't) for all these healthcare teams then it doesn't matter which is best. Take what you have.
agreed
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